Indian share markets witnessed volatile trading activity throughout the day and ended higher.
At the closing bell, the BSE Sensex stood higher by 273 points. Meanwhile, the NSE Nifty stood higher by 83 points.
Bharti Airtel and Tata Steel were among the top gainers today.
SGX Nifty was trading at 11,527, up by 125 points, at the time of writing.
The BSE Mid Cap index ended up by 1.2%. The BSE Small Cap index ended up by 0.5%.
Sectoral indices ended on a mixed note with stocks in the telecom sector and metal sector witnessing buying interest.
Meanwhile, IT stocks witnessed selling pressure.
Asian stock markets closed higher today as strong factory data reflecting a bounce-back in its economy from the coronavirus crisis lifted sentiment.
China's factory activity expanded at the fastest clip in nearly a decade in August, bolstered by the first increase in new export orders this year.
As of the most recent closing prices, the Hang Seng was up 0.2% and the Shanghai Composite stood higher by 0.4%. The Nikkei ended on a flat note.
European stocks opened higher today but pared gains after the German government revised down its GDP forecast for 2021.
The rupee is trading at 72.87 against the US$.
Gold prices are trading up by 0.5% at Rs 51,964 per 10 grams.
Speaking of stock markets, the right investing process helps you win in the long term. It might offer some unexpected and undesirable results but lets you farewell when you average the outcomes in the long term.
As per Richa Agarwal, any investment process should be judged not based on individual outcomes. Instead, it should have stood the test of the time.
Her smallcap service Hidden Treasure has had a fair share of failures in. But sticking to a disciplined process meant to Hidden Treasure's internal rate of return (IRR) of 24.38% since inception. This compares favorably to the IRRs of 9.6% for the Sensex, and 8.8% for the smallcap index in the same period (February 2008 - June 2020) as can be seen in the chart below.
The service's performance did suffer in the short term after the 2018 crash in small caps. However, the long term track record and the post-COVID rebound underscores the strength of the stock-picking process.
In news from the telecom sector, Vodafone Idea was among the top buzzing stocks today.
Shares of Vodafone Idea slipped 20% to Rs 7.65, down 25% from intraday high of Rs 10.95 on the BSE after the Supreme Court (SC) allowed 10 years for staggered payment of adjusted gross revenue (AGR) dues.
The Supreme Court in its judgment in the matter of adjusted gross revenue allowed telcos to pay their outstanding dues in 10 years. Telcos can pay 10% of their dues by March 31, 2021, and the remaining installments by 7 February every year.
Any default will accrue interest and non-payment will also invite contempt of court proceedings, said the SC in its verdict. The companies have been ordered to keep adjusting bank guarantees alive till the time the payment is made.
On the question of whether telcos could sell spectrum, the SC has left the question to the wisdom of the National Company Law Tribunal (NCLT).
There is no clarity so far on the SC's decision on whether Reliance Jio would have to pay the dues of Reliance Communications, whose spectrum it is using, and whether Bharti Airtel would have to clear the dues of Aircel and Videocon for the same reason.
Vodafone Idea had sought 15 years to pay its AGR dues, including spectrum usage charge, license fee, interest, penalty, and interest on the penalty.
The AGR dues for the company aggregated to Rs 582.5 billion up to FY2016-17 on basis of preliminary assessment by the Department of Telecommunications (DoT).
The company has already paid Rs 78.5 billion towards AGR due to DoT as on date. The company had pleaded for staggered payment of balance dues to DoT.
In other news, shares of Bharti Infratel slipped over 5% after the company's board approved its merger with Indus Tower.
As per the company, Infratel will be a majority shareholder in the merged entity with a likely stake of 68.6%, while London-listed Vodafone Group Plc will hold a 28.2% stake.
As per reports, the merged entity will become the largest tower company in the world outside China, with a pan-India tower company comprising 163,000 towers across 22 telecom service areas.
Moving on to news from the defense sector, shares of Hindustan Aeronautics (HAL) were under pressure for the fourth straight day today after the government sold nearly 15% stake in the aerospace and defense company through a public offering of shares (OFS).
The stock of the state-owned company has fallen as much as 26% in the past four trading days from the level of Rs 1,178 on August 26. It is trading below its floor price of Rs 1,001 per share fixed for OFS.
In a statement, the company said that the President of India, acting through and represented by the Department of Defence Production, Ministry of Defence, Government of India has raised an aggregate amount of Rs 49.3 billion.
Post OFS, the government stake in HAL will be reduced to 75.15% from 89.97%.
Hindustan Aeronautics' share price ended the day down by 3.9%.
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