Sensex Trades Lower, Nifty Below 17,250; HDFC and L&T Top Losers

Tue, 2 Aug 10:30 am

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Asian share markets traded deep in the red today on fresh geopolitical worries after US House Speaker Nancy Pelosi's potential visit to Taiwan sparked fresh tensions between China and US.

The Nikkei fell by 1.6%, while the Hang Seng was down by 2.8%. The Shanghai Composite is trading lower by 2%.

Wall Street ended lower after a choppy session on Monday, with declines in Exxon Mobil and other energy companies weighing against gains in Boeing as investors digested the US stock market's biggest monthly gains in two years.

The Dow Jones fell by 0.1% while the tech heavy Nasdaq was down 0.2%

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened lower today following the trend on SGX Nifty. Soon as the session progressed, losses were extended.

At present, the BSE Sensex is trading lower by 336 points. Meanwhile, the NSE Nifty is trading down by 103 points.

IndusInd Bank and SBI are among the top gainers today.

HDFC and L&T are among the top losers today.

Bajaj Finserv share price is rising after it reported good results last week.

Meanwhile, TVS Motor Company share price is also rising post declaring highest ever net profit and EBITDA.

M&M share price touched its all-time high yesterday as the company received superb response to its new vehicle launch.

Broader markets are trading on a negative note. The BSE Mid Cap index is down by 0.3% while the BSE Small Cap index is trading lower by 0.2%.

Sectoral indices are trading on a negative note, with exception of utilities, FMCG, and power sectors.

Meanwhile, stocks in the basic materials and auto sector witness most of the selling.

Ahead of its MPC meeting, the Reserve Bank of India (RBI) can take some solace from the softening food commodity prices.

A Reuters report said that local wheat prices jumped to a record Rs 23,547 per tonne on Wednesday last week. That is a 12% rise from the recent lows that followed the government's surprise ban on exports on 14 May.

Wheat and rice stocks in India are gaining traction lately due to this reason.

Wabco India and Blue Dart Express hit their 52-week highs today.

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In the commodity markets, gold prices rise. Today, gold prices are up by Rs 287 trading at Rs 51,550 per 10 grams.

Note that gold prices have fallen and have taken quite a knock in recent weeks.

Meanwhile, silver prices are trading lower at Rs 57,931 per kg. Silver price too have fallen a lot in recent days.

The rupee is trading at 78.8 against the US dollar.

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In news from the tech sector, food delivery app, Zomato posted its Q1 results.

Online food delivery platform Zomato narrowed its consolidated loss to Rs 1,857 m in the quarter ending 30 June 2022 period compared to a loss of Rs 3,562 m in the same quarter last year.

The company had posted a loss of Rs 3,597 m in the preceding quarter. These losses were attributable to the owners of the company. The top-line front lifted the overall financial performance in Q1.

Consolidated revenue stood at Rs 14,139 m in Q1 financial year 2022-23 rising by a whopping 67.4% from Rs 8,444 m in Q1 of last year and also increased by 16.7% from Rs 12,118 m in Q4 of financial year 2021-22.

The company recovered losses in the food delivery business. Overall, adjusted loss in EBITDA narrowed to Rs 1.5 bn in Q1 of financial year 2022-23 versus Rs 2.2 bn in Q4 of financial year 2021-22 and Rs 1.7 bn in Q1 of financial year 2021-22.

If you compare Q1 of financial year 2022-23 with Q1 of financial year 2021-22, average monthly transacting customers have increased by 36% while the average monthly order frequency has also increased by 10% in the same period.

The positive results may finally bring in positive news for investors because as of late, Zomato share price is falling.

In news from the telecom sector, the most awaited 5G spectrum auction finally takes place.

India's biggest ever auction of telecom spectrum received a record Rs 1.5 trillion of bids, with Mukesh Ambani's Jio cornering nearly half of all the airwaves sold with an Rs 880.8 bn bid.

Richest Indian Gautam Adani's group, whose entry in the auction was billed by some as another flash point in the rivalry with Ambani, paid Rs 2.12 bn for 400 MHz, or less than 1% of all spectrum sold, in a band that is not used for offering public telephony services.

Telecom tycoon Sunil Bharti Mittal's Bharti Airtel made a successful bid of Rs 430.8 bn, while Vodafone Idea bought spectrum for Rs 188 bn.

Out of the 72,098 MHz of spectrum offered across 10 bands, 51,236 MHz (71%) was sold.

In all, bids worth Rs 1.5 tn were received the government will in the first year get Rs 133.7 bn.

Barring the 1800 MHz band, for which Jio and Airtel engaged in fierce bidding, spectrum in all bands was sold at reserve (base) price.

The mop-up from the 5G spectrum, capable of offering ultra-high speed mobile internet connectivity, is almost double of Rs 77,815 crore worth 4G airwaves sold last year and triple of Rs 50,968.37 crore garnered from a 3G auction in 2010.

Reliance Jio was the top bidder, offering a cumulative bid of Rs 880.8 bn for 24,740 MHz of airwaves across five bands capable of offering speeds about 10 times faster than 4G, lag-free connectivity, and can enable billions of connected devices to share data in real-time.

It acquired the coveted 700 MHz spectrum that can provide 6-10 km of signal range with one tower and forms a good base for offering fifth generation (5G) services, in all 22 circles or zones in the country.

Adani group bought spectrum in the 26 GHz band, which is suitable for setting up a private network for end-to-end communication, in six states -- Gujarat, Mumbai, Karnataka, Tamil Nadu, Rajasthan and Andhra Pradesh.

Airtel bought a total of 19,867.8 MHz of spectrum across five bands but none in 700 MHz. Vodafone Idea acquired 6228 MHz of airwaves.

The 600 MHz band, offered for the first time, did not receive any interest.

"Spectrum purchased is good enough to cover all circles in the country. Coming 2-3 years, we will have good 5G coverage," says the telecom Minister Ashwini Viashnaw.

The telecom sector stands under the roof of a major changes. Beginning with the 5G spectrum to the hidden trend that could boost telecom sectors in the years to come, telecom sector is up for a roller coaster ride.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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