Sensex, Nifty bounce back on telecom, metal stocks gain; SBI, Vodafone Idea, Bharti Airtel shares rise

2:15 PM

Telecom stocks led the bull run on expected AGR dues relaxation in the upcoming cbinet meeting. Telecom major Vodafone Idea shares rose over 28 per cent, Bharti Airtel share price soared over 6 per cent, shares of Bharti Infratel shot up over 5 per cent, HDFC counter rose 7 per cent, MTNL stock price surged near 4 per cent while Reliance Communications stocks added 4.65 per cent.

1:15 PM

Sensex, Nifty rise around 5 per cent from its previous close, which is expectacular as it once hit the lower circuit in the early morning trade session. The BSE Sensex regained 34,000 levels after logging 1,655 point gains while NSE Nifty index regained 10,000 levels by gaining over 500 points from its yesterday's close.

12:15 PM

After hitting the lower circuit in the early morning trade session, the Indian indices registered massive gains and turned positive. The BSE Sensex regained 33,000 levels aftetr logging over 500 points gain from its previousd ay closing. NSE Nifty surged 141 points and hit 9,731.65 levels. Bank Nifty recovered at a faster rate and gained over 500 points after hitting 24,544.65 levels.

11:45 AM

Telecom stocks rise on expected AGR relief by Modi cabinet: Telecom stocks rise on expected AGR relief in the upcoming Modi Cabinet meeting. The central cabinet is expected to give 15 years AGR relief to the telecom companies, which is a big relief for Vodafone Idea and Airtel. Vodafone Idea has to pay around Rs 53,000 crore to the government while it has paid only Rs 3,500 crore, which is a mere 6 per cent of the net liability. This cabinet relief on AGR will make Aitel more comfortable as it has already paid around Rs 18,000 crore out of Rs 35,500 crore amount to be paid by the telecom company.

11:15 AM

Buy bluechip stocks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Infosys, TCS, Bata, Tita and other large-cap stocks, advises technical equity analyst Simi Bhaumik.

11:00 AM

Out of 50 stocks, 15 Nifty stocks are in green zone. Yes Bank, Bharti Infratel, Cipla, Coal India, Bajaj Finance, SBI, Kotak Mahindra Bank, HDFC Bank, Bharti Airtel are the leading gainers post-lower circuit.

10:45 AM

Britannia, Sun Pharma gains: Two out of 50 stocks in Nifty — Britannia, Sun Pharma are in the positive zone. Britannia Industries share price was up over 5 per cent at Rs 2,949 per stock levels while the shares of Sun Pharmaceutical Industries are up 2.44 per cent at Rs 363.5 per stock levels.

10:38 AM 

In the re-open trade session post-lower circuit, the broader index Nifty recovered around 7 per cent. the 50-stocks index regained 9,000 levels and hit 9,335.30 levels. However, it was still over 200 points down from its previous trade session closing.

Stock Market Today: In the re-open trade session post-lower circuit, the Indian indices registered massive recovery to the tune of more than 5 per cent. The BSE Sensex recovered near 6 per cent but still trade below 1700 points down from its previous day close at 31,070.25 levels. NSE Nifty index regained 9,000 levels by recovering over 5 per cent in re-open trade session. Bank Nifty recovered around 5 per cent and traded at 22,675.95 levels.

Speaking on the stock market crash Hemant Sood, Managing Director at FINDOC said, "Stock market is witnessing a bloodbath with Sensex and Nifty going down to multi-month lows leaving investors struggling to find the right stocks for investing. There is a bearish sentiment in the market, hence, it is important that investors do not get hassled at the moment and wait for the right opportunity so that the capital does not get eroded. The forced halt in stock-market activity, driven by a coronavirus and a geopolitical fight over oil, has proved wrong all algorithms of professional traders and investors." Sood said that a pause is helpful for an average investor, who can either be scared and make losses or sit tight in the present situation.

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"It is suggested to contemplate and take a deep breath and then ask yourself, Is there any change in your long-term goals?” If the answer is no, one should ignore the market volatility. The other option for the investor is to park funds as the markets are down, and when the markets start moving upward an investor can identify momentum stocks and invest in them,” said Sood.

Metal indices received a heavy beating in the Opening Bell trade session as the BSE Metal index crashed over 11.5 per cent. Metal major Hindustan Zinc share price dipped over 13 per cent, Vedanta shares drowned 12.15 per cent, shares of Hindalco Industries nosedived 12 per cent, Steel Authority of India Ltd or SAIL stock price slide 9.90 per cent while Tata Steel stocks bleed 10.70 per cent.

Banking stocks also witnessed huge selloff on negative FIIs and F&O. The BSE Banking index dipped 9.85 per cent in the early morning trade session. Banking major State Bank of India or SBI share price fell down by 12.55 per cent to Rs 186.05 per stock levels, Kotak Mahindra Bank share price crashed to the tune of near 15 per cent, HDFC Bank shares slide more than 5.6 per cent, ICICI Bank stock price went down 5.15 per cent while Axis Bank shares witnessed a free fall of near 13.47 per cent.

Among telecom stocks; Sterlite Technologies share price nosedived over 15.50 per cent, OnMobile Global shares crashed 19.84 per cent, shares of GTPL Hathway went southward 16.53 per cent, Bharti Airtel stocks went off over 6 per cent, Reliance Communications scrip slide 4.65 per cent, Vodafone Idea share price fell sharply by 7.62 per cent while ITI stocks went down 19.96 per cent.

Among the major Asian markets, the Japanese Nikkei 225 index crashed 7.85 per cent, South Korean Kospi nosedived 7.21 per cent, Hang Seng bleed 4.73 per cent while Shanghai market went off 3.32 per cent in the Opening Bell trade session.