Market Outlook

Market Update: Bank Shares Tumble As Telecom Rises

Market Update: Bank Shares Tumble as Telecom Rises

Bank shares during Friday morning session were trading in losses. Most of the banks were down by over 10% in the Share Market Index.

Shares of banks like IDFC fell over by 21.6%, Kotak Mahindra is down by 20%, Bank of Baroda’s and Induslnd Bank index fell by 15.98% and 14.56% respectively. Also, the market index of Axis Bank is down by 13.29%, whereas the Federal Bank, State Bank and Punjab National Bank saw depreciation by 12.84%, 12.82% and 12.74% respectively in Share Market Index.

The RBLBANK, Yes Bank, HDFC Bank and ICICI Bank were also down by 10.23%, 9.38%, 6.98% and 5.63% respectively and were among the top losers in the Share Market Index today.

Share Market Soars High as Airtel, Voda, Idea Share Rises

The Sensex in Friday gained about 1203.65 points or 3.67%  by noon to reach 33981.79, the Nifty jumped 3.52% to gain 337.65 points at 9927.80.

Telecom stocks have remained under pressure after the government ordered to clear off the Adjusted Gross Revenue(AGR) dues at the earliest. The share prices of Vodafone Idea and Bharti Airtel rose by 10-34% on Friday session. Further, the media reported talks of a relief package for the telecom sector from the government. 

By noon Vodafone Idea share price was trading at 30.48% up by Rs 5.48. The share of Bharti Airtel was also up by 6.68% at Rs 496, while the Tata Teleservices was selling for Rs 2.39 apiece and rose 4.89% on BSE. However, Reliance Communication saw a dip and was down by 2.33% at Rs 0.84 on BSE.

As per the reports, the Indian government has received around 26,000 crores in AGR payment from the 3 lakh crore dues so far.