Sensex Ends 68 Points Lower; Telecom and IT Stocks Witness Selling

Tue, 26 Nov Closing

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Indian share markets witnessed volatile trading activity during closing hours and ended marginally lower.

Benchmark indices hit new milestones today but failed to hold on to gains. The BSE Sensex hit 41,000-mark for the first time today, rising over 200 points in early trade. The NSE Nifty also hit a new intraday high of 12,126, overtaking June highs of 12,103.

Barring banking stocks and finance stocks, all sectoral indices ended on a negative note with stocks in the telecom sector and IT sector witnessing maximum selling pressure.

At the closing bell, the BSE Sensex stood lower by 68 points and the NSE Nifty closed down by 36 points. The <>BSE MidCap index ended the day down by 0.8%, while the <>BSE SmallCap index ended down by 0.4%.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down 0.3% and the Nikkei was up by 0.4%.

The rupee is trading at 71.59 against the US$.

In latest developments from the IPO space, the initial public offer of private sector lender CSB Bank continued to receive strong demand from investors of all categories.

At the time of writing, the IPO was subscribed by 78.4 times as it received bids for 905.7 million equity shares against its issue size of 11.5 million shares.

It will be interesting to watch how this IPO opens on the listing day.

Speaking of IPOs, this one IPO has been the hot topic in the world over. I am talking about the Saudi Aramco IPO.

There's a lot going on this front.

Saudi Aramco's much heralded and oft-delayed initial public offering is going ahead, albeit in a scaled down version of the original plan by Saudi Crown Prince Mohammed bin Salman.

There'll be no grand opening on the London or New York stock exchanges. The sale is restricted to the Saudi bourse and won't even by marketed to most international money managers.

Investors will be able to purchase just 1.5% of the world's most profitable company, about half what was previously considered. Even so, the share sale in early December will come close to, or even surpass, the record for the biggest IPO in history.

So, what does all that mean for crude oil investors and traders? And why is important?

At a time when Saudis are not sharing many details with their wall street investment bankers, Vijay Bhambwani in his latest video, raises a few questions that the mainstream media is not covering, and not even crude oil traders are asking...

Tune in to find out...

In news from the telecom sector, shares of Bharti Airtel plunged 4% today after rating agency ICRA downgraded the company's long-term rating from "AA" to "AA-"on higher-than-anticipated provision for dues towards license fees on adjusted gross revenues (AGR) and spectrum usage charge.

This provisioning follows the communication from Department on Telecom (DoT) that mandated the operators to pay the license fee and other dues after carrying out their own assessment within timeline stipulated by the Supreme Court.

ICRA said ratings continue to remain under watch with negative implications. Ratings on Bharti Airtel's commercial paper were reaffirmed at "A1+".

The rating agency further said that additional provisioning related to indemnities to be paid to certain investors of Airtel Africa is also a credit negative.

Selling pressure was also seen after the telecom department confirmed of not raising the telecom tariffs issue to Telecom Regulatory Authority of India (TRAI).

According to sources, the telecom department has not referred the issue of fixing a floor price for telecom tariffs to TRAI.

Reports state that the Digital Communications Commission (DCC) will meet in the first half of December and could take up the issue of spectrum auction pricing.

Note that last month, the Supreme Court ordered telecom companies to pay over Rs 920 billion in dues and interest to the DoT in a 14-year-long case. The matter pertained to the DoT's claim that telecom companies had underreported their revenues, paying less levies to the government. Bharti Airtel has dues around Rs 216.8 billion.

The judgement came at a time when the telecom sector has been under stress due to intense competition and adverse regulatory orders.

In a bid to provide some relief to telecom companies, the Union Cabinet on 20 November, approved a moratorium of two years for spectrum payments. Also, starting next month, all operators including Vodafone, Airtel, Jio and BSNL will raise the prices of their services.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the pharma sector, Dr Reddy's share price was in focus today.

Shares of the company hit an over two-year high of Rs 2,971 today, after the drug maker launched Doxercalciferol injection in the US market.

The stock of the company was trading at its highest level since February 13, 2017.

The Hectorol Single-Dose Vials and Multiple-Dose Vials brand and generics had US sales of approximately US$ 138 million for the most recent 12 months, ending in September 2019 according to IQVIA Health.

In a press release, the company said that the product is the therapeutic generic equivalent of Hectorol (Doxercalciferol) injection approved by the USFDA.

Here's an interesting data on Dr. Reddy's Lab, investing just Rs 100,000 in Dr. Reddy's Labs in 1992, it would have given a whopping Rs 4.89 crores in 2014!

Profit Opportunities in the Rebirth of India

Co-head of Research, Tanushree Banerjee believes, the opportunities in the Rebirth of India are not only more profitable than the ones in 1991 but the gains could come faster too.

Tanushree has explained this historic opportunity in detail at the Rebirth of India summit.

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

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