Sensex eased marginally on Tuesday as oil-to-telecoms conglomerate Reliance Industries Ltd dragged on the market over concerns about spending at its telecom unit that overshadowed better-than-expected third-quarter earnings. The market is expected to move within a range ahead of corporate results and the government budget, analysts said, as more companies gear up to report earnings including Axis Bank and Yes Bank on Thursday. The government will unveil budget on 1 February and investors hope for incentives to support an economy hit by cash shortages after a ban on higher-value banknotes.
“Markets are more or less flat and will be range-bound ahead of quarterly results and the union budget wherein investors will watch out on how the allocation happens,” said Siddharth Purohit, senior research analyst with Angel Broking. Losses were led by Reliance Industries whose shares fell as much as 2.3% to its lowest since 29 December. While Reliance’s telecom unit Jio reported strong subscriber addition, its true potential will only become clear once it starts charging full price, which could still be some quarters away, Jefferies analysts wrote in a note. Among gainers, Tata Consultancy Services and Infosys Ltd reversed Monday’s losses and were up 0.8% and 0.2%, respectively.
3.30pm: BSE energy index falls by 2.11%, BSE oil & gas index decreases by 1.39%, while BSE metal index declines by 1.52%. BSE Sensex closes lower by 52.51 points, or 0.19%, to 27,235.66, while the Nifty 50 falls 14.80 points, or 0.18%, to 8,398.
3.09pm: BSE Sensex trades lower by 48 points, or 0.18%, to 27,240, while the Nifty 50 falls 9 points, or 0.10%, to 8,404. BSE energy index falls 2%, BSE oil & gas index declines 1.35% while BSE metal index falls 1.56%.
2.31pm: BSE Sensex trades lower by 88 points, or 0.32%, to 27,200, while the Nifty 50 falls 28 points, or 0.33%, to 8,385.
1.33pm: BSE Sensex trades lower by 72 points, or 0.26%, to 27,216, while the Nifty 50 falls 16 points, or 0.19%, to 8,396.
“Markets are more or less flat and will be range-bound ahead of quarterly results and the union budget wherein investors will watch out on how the allocation happens,” said Siddharth Purohit, senior research analyst with Angel Broking. Losses were led by Reliance Industries whose shares fell as much as 2.3% to its lowest since 29 December. While Reliance’s telecom unit Jio reported strong subscriber addition, its true potential will only become clear once it starts charging full price, which could still be some quarters away, Jefferies analysts wrote in a note. Among gainers, Tata Consultancy Services and Infosys Ltd reversed Monday’s losses and were up 0.8% and 0.2%, respectively.
3.30pm: BSE energy index falls by 2.11%, BSE oil & gas index decreases by 1.39%, while BSE metal index declines by 1.52%. BSE Sensex closes lower by 52.51 points, or 0.19%, to 27,235.66, while the Nifty 50 falls 14.80 points, or 0.18%, to 8,398.
3.09pm: BSE Sensex trades lower by 48 points, or 0.18%, to 27,240, while the Nifty 50 falls 9 points, or 0.10%, to 8,404. BSE energy index falls 2%, BSE oil & gas index declines 1.35% while BSE metal index falls 1.56%.
2.31pm: BSE Sensex trades lower by 88 points, or 0.32%, to 27,200, while the Nifty 50 falls 28 points, or 0.33%, to 8,385.
1.33pm: BSE Sensex trades lower by 72 points, or 0.26%, to 27,216, while the Nifty 50 falls 16 points, or 0.19%, to 8,396.
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