Sensex, Nifty end flat; Vodafone ends 26% lower
Mumbai, January 17, 2020
The Sensex and Nifty closed with minor gains on Friday, a day after the Supreme Court dismissed the review petitions of telcos on its Adjusted Gross Revenue (AGR) verdict.
Vodafone Idea scrip price plunged 26 per cent on Friday and Bharti Infratel fell over 11 per cent post the court order on the NSE. However, Reliance Industries and Bharti Airtel closed with sharp gains.
"The verdict may put a severe burden on telcos and have unconceivable repercussions, particularly against the backdrop of VIL facing a risk of shutdown .. Bharti is well prepared and, along with Jio, appears poised for strong market share gains," Motilal Oswal said in a note.
The Sensex closed 12.81 points higher at 41,945.37 after hitting an all-time high of 42,063.93 earlier in the day. This Nifty settled 3.15 points lower at 12,352.35.
Vinod Nair of Geojit Financial Services said: "As anticipated Mid & Small caps are outpacing the broader market due to fall in economic risk and revival in business growth. Main indices are impacted by SC verdict on AGR, having an effect on Telecom & Banking sectors which are already facing NPA problem."