INSUBCONTINENT EXCLUSIVE:
Mumbai: The domestic stock market slipped for a fourth straight session on Tuesday, as investors remained on the sidelines due to lingering
Sensex fell as much as 1.08 per cent to 40,610.95 points while Nifty dropped 1.14 per cent to 11,908.05 points
Telecom companies owe Rs 1.47
lakh crore to the government, as per assessment by the Department of Telecom, however, telcos dispute the quantum.
With massive statutory
obligation, the threat of a default, especially by Vodafone Idea, looms large
In case that becomes a reality, banks will have to bear the brunt as they have huge exposure to the telecom major.
Moreover, December
quarter results disappointed analysts, with the much-awaited earnings recovery still remaining elusive.
Market at a glanceThe bears were in
charge with losers outpacing gainers in the ratio of nearly 2:1 on BSE.
The broader market underperformed, with BSE Midcap and Smallcap
indices declining 0.60 per cent and 0.45 per cent, respectively.
All, but four sectoral indices closed lower
BSE Telecom was the biggest loser as it shed 4.16 per cent.
As much as two-thirds of 30 Sensex stocks closed lower
Oil-to-telecom conglomerate Reliance Industries followed next as it dropped 0.83 per cent.
IT major Infosys and TCS bucked the trend and
rose 1.02 per cent and 0.55 per cent, respectively
Top lender State Bank of India rose 1.08 per cent.
Vodafone Idea cracked 11.40 per cent after the telecom major said late on Monday that
Care Ratings has downgraded its long term bank facilities and non-convertible debentures
The downgrade is on account of significant erosion in the overall risk profile of the company in the wake of absence of relief on
modification plea relating to AGR dues on February 14
Peer Bharti Airtel slipped 2.80 per cent.
Late on Monday, Reliance Industries announced that TV18 Broadcast, Hathway Cable - Datacom and Den
Networks will merge into Network18 Media - Investments, which will be an integrated media and distribution company with a revenue of Rs
Following the news, these four companies saw their shares rose 14.71 per cent, 20 per cent, 10 per cent and 4.89 per cent,
A small negative candle was formed with a long lower shadow
Technically, this pattern indicates formation of a bullish hammer-type candlestick pattern
Securities.
Global marketEuropean shares dropped on Tuesday as a revenue warning from iPhone maker Apple Inc sent shockwaves through the
tech sector, highlighting the impact of the coronavirus outbreak on global demand and supply, Reuters reported.
The pan-European STOXX 600
