Indian markets had a relatively quieter week, with the benchmark indices ended the week marginally higher. The Sensex closed the week higher by 116 points to end the week at 41,257 points. Volatility was comparatively less, even as global markets continued to worry over the Corona virus.
Telecom stocks were in the news this week, with the Supreme Court ordering that telecom companies pay their AGR dues by March 17. Vodofone Idea crashed following the news, while Bharti Airtel saw sharp gains in its stock price.
Reliance Industries too, which operates Reliance Jio saw gains in its stock prices. The belief is that Bharti Airtel and Reliance Industries would gain and the telecom sector could soon be a duopoly. Yes Bank was another stock that saw buying support this week after reports that a consortium led by JC Flowers was looking to buy into the bank. The shares surged in the latter part of the week.
Shares in BPCL were also in the limelight after profits at the company fell. Net profit at the company dropped 26.2 percent to Rs 1,260.6 crore.
State-owned Oil and Natural Gas Corp (ONGC) on Friday reported halving of its December quarter net profit after it faced the double whammy of falling oil and gas prices and a drop in production. The stock may fall when trading resumes on Monday. Some investors feel that the shares maybe good for their dividend yields.
Global cues the key
Fears of the corona virus spreading once again did cause some jitters in the global markets. However, liquidity in the global financial system remains so high, the markets continue to trend upward.
The S&P 500 and the Dow Jones Industrial Average have constantly been hitting record highs and one wonders how much more or a rally from here on we would see. Indian markets may continue to remain volatile in the coming days.