The stock market opened in red on the last day of the week, but later the market gained momentum. The Bombay Stock Exchange (BSE) Sensex lost 59 points to open at 41,873. Vodafone Idea’s stock has fallen drastically by up to 39 percent due to the Supreme Court’s decision on AGR.
The 50-share Nifty of the National Stock Exchange (NSE) lost 28 points to open at 12,328.40. By 10.30 am, the Sensex had gained 86.67 points to 42,019.23 and the Nifty gained nearly 23 points to 12,378. Vodafone Idea shares fell nearly 33 percent to Rs 4.
Significantly, despite all the efforts of the telecom companies, the Supreme Court has rejected the review petition of these companies. The order which was given by the Supreme Court on October 24, now the court is standing on this and this decision will not be reviewed. Under AGR, Adjusted Gross Revenue, Telecom companies have to pay about 1.40 lakh crore rupees till January 23. These include additional license fees, spectrum usage, penalties and interest.
During the trading, 475 shares witnessed a spurt and 316 shares declined. The leading losers were HCL Tech, Bharti Infratel, Vodafone Idea, SBI and Yes Bank, while the leading rising stocks included Bharti Airtel, RIL, Wipro, TCS and Infosys.
Earlier on Thursday, the Indian stock markets saw a good boom. The long-running trade war between the US and China is over. The two countries have signed the primary stage of the trade agreement. The benefit of this news was found in markets across the world including India. Due to this, during the fourth day of the week, the Sensex and Nifty reached record highs on Thursday. During the trade, the Sensex was at 42059.45 points while the Nifty was at an all-time high of 12,389.05 points. At the end of trading, the Sensex gained 59.83 points to end at 41,932.56 points, while the Nifty gained 12 points to 12,355.50 points.
The midcap and smallcap indices of BSE also gained momentum. The midcap index of BSE gained 119.00 points to 15,625.23 and the smallcap index gained 113.68 points to end at 14,647.54.
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