MARKET UPDATE:Sensex climbed 450 points to reclaim 39,000-level and Nifty testing the 11,500-mark
Published On: Tuesday, September 1, 2020 | By: Team KnowMyStock
The historic fall in Q1 GDP growth did not dampen the sentiment of investors who sent the benchmark indices near a percent higher in today's (1st September 2020) early deals ahead of the Supreme Court's verdict on AGR. The S&P BSE Sensex climbed 350 points, or 0.92 percent, and reclaimed the 39,000-level and the Nifty50 index was testing the 11,500-mark. IndusInd Bank (up 4%), Tata Steel, State Bank of India, and Bajaj Finance (all up 2%) were the top Sensex gainers. On the other hand, ONGC dipped 3 percent. The Supreme court is set to deliver decisions on three key issues: the tenure for staggered payment of AGR dues, whether or not Reliance Jio has to pay the hefty AGR dues bill of Rcom, and Bharti Airtel, that of Aircel and Videocon. And three, whether banks can, as creditors, transfer spectrum to a new buyer under IBC, without first taking cognizance of the dues of the government.
Among telecom stocks, Vodafone Idea and Bharti Airtel rose as much as 7 per cent and 1 per cent, respectively.
The trend among all the Nifty sectoral indices was positive, led by Nifty Metal index, up 1.5 per cent.
In the broader market, the S&P BSE MidCap index was ruling 1.4 per cent higher, and the SmallCap index was up 0.6 per cent.
Thirty-seven companies including ONGC, Shalimar Paints are scheduled to announce their June quarter earnings today which might induce stock-specific moves.
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