Indian stocks end up higher thanks to the IT boost; Zomato closes 65% above the offer price

BENGALURU, July 23 (Reuters) – Indian stocks ended higher in a volatile session on Friday, gains in IT stocks and the meteoric debut of food delivery start-up Zomato more than made up for losses in the telecommunications sector.

The blue-chip NSE Nifty 50 Index (.NSEI) ended up 0.2% at 15,856.05 and the benchmark S&P BSE Sensex (.BSESN) ended up 0.26% at 52,975.80.

Zomato Ltd (ZOMT.NS) closed nearly 65% ​​above its offer price at Rs 125.20, reflecting investor interest in internet-based mainstream startups expected to thrive during the COVID pandemic -19. Read more .

Telecommunications stocks, however, fell after India’s highest court rejected a plea from mobile operators asking for corrections to what they called errors in the government’s calculation of their dues. Read more

Shares of struggling telecom company Vodafone Idea (VODA.NS) fell 14.6% to their lowest level since October 20, while Bharti Airtel (BRTI.NS) lost to 2.6% % before ending slightly up.

Computer stocks (.NIFTYIT) ended up 0.38%, with Persistent Systems (PERS.NS), Mphasis Ltd (MBFL.NS) and Wipro Ltd (WIPR.NS) gaining the most on the sub-index, analysts claiming most weekly moves in domestic markets were limited to a range.

Quarterly results for Reliance Industries Ltd (RELI.NS) and Ambuja Cements (ABUJ.NS) are expected later today. Investors will be alert to any pandemic impact on the results of the oil-telecom conglomerate.

Reliance’s first-quarter profit is expected to be 128.38 billion Indian rupees ($ 1.72 billion) and revenue of 1.550 billion rupees, according to data from Refinitiv.

“Globally, the upward trend in COVID-19 cases due to the Delta variant, particularly in the UK and Asia, and inflation issues are key risks the market is grappling with,” Shibani Kurian, senior executive vice president and head of equity research at Kotak Mahindra Asset Management Company, said in a note.

Meanwhile, global stocks rallied after a volatile week dominated by sentiment changes on the global economic outlook and the Delta variant. European stock markets opened broadly higher while Asian stocks, excluding Japan, were largely lower.

($ 1 = 74.4360 Indian rupees)

Report by Vishwadha Chander in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur

Our Standards: Thomson Reuters Trust Principles.

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