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- Indian Stock Market News June 5, 2020
Sensex Opens Higher; Telecom Stocks Lead Fri, 5 Jun 09:30 am
Asian stock markets are mixed today. The Hang Seng is higher by 0.1% while the Shanghai Composite is even. The Nikkei 225 is trading down by 0.4%.
Meanwhile, the S&P 500 lost ground on Thursday as investors took profits in advance of Friday's jobs report, ending a four-day rally driven by rising economic sentiment. The Nasdaq joined the S&P 500 in negative territory, while the Dow posted a nominal gain.
Back home, Indian share markets opened higher.
The BSE Sensex is trading up by 229 points. The NSE Nifty is trading higher by 67 points.
Meanwhile, the BSE Mid Cap index has opened up by 0.7%.
BSE Small Cap index is trading higher by 0.9%.
Sectoral indices are trading mixed. Realty stocks are under pressure.
Telecom stocks are witnessing maximum buying interest.
Among sectors, most of the BSE indices have seen a sharp fall in 2020.
BSE Bankex, BSE Realty, and BSE Finance fell more than 45% YTD.
The only YTD sectoral gainers are BSE Healthcare and BSE Telecom which rose 15% and 18%, respectively.
Worst Hit Sectors in 2020
Moving on, gold prices are currently trading up by 1.5% at Rs 46,696.
The rupee is currently trading at 75.57 against the US$.
The rupee ended a volatile session on Thursday marginally lower at 75.57 against the US dollar tracking weakness in Asian currencies.
The rupee swung between gains and losses in a range of 75.37-75.62 in the four-hour session, having started the day weaker at 75.62 compared to its previous close of 75.47.
However, it failed to sustain intraday gains amid strength in the greenback overseas and weakness in domestic equity markets, which broke a six-day winning streak.
At the current level, the rupee is down 5.9% against the dollar so far this year.
Moving on to the news from telecom sector.
Reliance Industries share price is in focus today after it was reported that the Abu Dhabi sovereign fund Mubadala Investment company will inject Rs 90.9 billion in Jio Platforms in exchange for 1.9% stake in the firm.
The investment by Mubadala, which manages about US$229 billion in assets, at an equity value of Rs 4.9 trillion and an enterprise value of Rs 5.2 trillion takes the total amount raised by Jio to an eye-popping Rs 876.6 billion.
Jio Platforms has now sold a combined stake of 19% in six massive fundraising deals.
The series of deals was led by Facebook Inc, which invested Rs 435.7 billion to buy 9.99% on April 22. Since then, General Atlantic, Silver Lake, Vista Equity Partners and KKR together spent Rs 785.6 billion on Jio.
Meanwhile, Amazon.com is in early stage talks to buy a stake worth at least US$2 billion in Bharti Airtel, underscoring the growing attraction of India's digital economy for US tech giants.
The planned investment, if completed, would mean Amazon acquiring a roughly 5% stake based on the current market value of Bharti.
The discussions between Amazon and Bharti come at a time when global players are placing major bets on the digital arm of Reliance Industries, which owns Bharti's telecom rival Jio.
Bharti Airtel share price opened the day up by 0.8%.
To know what's moving the Indian stock markets today, check out the most recent share market updates here.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
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