Sensex Trades Marginally Higher; L&T and Bharti Airtel Top Gainers

Wed, 5 Feb 12:30 pm

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Share markets in India are presently trading on a positive note. Benchmark indices moved higher in early trade today, tracking gains in global equities.

The BSE Sensex reclaimed the 41,000-mark, while NSE Nifty regained 12,000, extending the 2% gains of the previous session.

Barring IT stocks, all sectoral indices are trading in green with stocks in the realty sector and telecom sector witnessing most of the buying interest.

The BSE Sensex is trading up by 45 points, while the NSE Nifty is trading up by 13 points. The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at Rs 71.26 against the US$.

In news from the media sector, shares of Zee Entertainment (ZEE) are witnessing selling pressure for the second straight day today amid media reports that the corporate affairs ministry has ordered an inspection of the financials of the company.

As per reports, the ministry has ordered an inspection of financials of the company following allegations of corporate governance lapses and after some independent directors quit recently.

Last year in November, the company had announced the resignation of independent directors Sunil Sharma and Neharika Vohra, and non-independent director Subodh Kumar.

In December, credit rating agency Brickwork Ratings India had downgraded the company's cumulative redeemable non-convertible preference shares and the issuer rating.

Zee Entertainment share price is presently trading down by 6.3%.

To know more, you can read the company's latest result analysis on our website.

Moving on to news from the railways sector, IRCTC share price is in focus today. Stock of the company surged as much as 10% today after the CCI absolved Indian Railways and its arm Indian Railway Catering and Tourism Corporation (IRCTC) of allegations of unfair market practices.

The order came after the regulator in November 2018, ordered a detailed probe into the allegations of abuse of dominant market position against Ministry of Railways and IRCTC for charging higher price than actual base fare on the sale of e-tickets.

It was alleged that the two entities round off the actual base fare to the nearest higher multiple of Rs 5 to arrive at the total base fare, and the practice amounted to an imposition of unfair condition in the market for sale of rail tickets in India, particularly for online booking.

After taking into consideration the investigation report, CCI concluded that "the Commission is convinced that in the facts of the present case, no case of contravention of the provisions of Section 4 of the Act arise against OP-1 and OP-2."

In other news, IRCTC is all set to start its third private train, Indore-Varanasi Tejas Express.

In Budget 2020 proposals, Finance Minister Nirmala Sitharaman had announced that more Tejas-like trains will be coming in future. Indore-Varanasi Tejas Express will be the first Tejas Express which will run overnight.

Note that since its debut in October last year, shares of IRCTC have jumped over four times in value, making it the most successful IPO in recent times.

IRCTC had reported a 14% jump in net profit at Rs 1.7 billion for the half-year period ended September 30, 2019. At the end of December quarter, the government held 87.4% shares in IRCTC.

Speaking of the railways sector, here's what Tanushree Banerjee wrote about Indian railways in one of the recent editions of The 5 Minute WrapUp...

• Investment in Indian railways has always been lacking in the past. This has meant a stretched infrastructure with more than 60% of routes being over utilised.
  
  The poor image of Indian railways meant a price hike was never an option for the government.
  
  All this has changed in the recent years.
  
  Since 2014, investment in the Indian railways has increased at a rapid pace.

This is evident in the chart below...

Massive Reforms Underway in the Indian Railways

The government's aim to modernize more than 100 stations to world class standards and by provide amenities like wi-fi, quality food and beverage services will improve passenger experience.

Improved services will also help the government justify fare increases in the future.

Tanushree believes such reforms are the need of the hour for the Indian economy.

In one of her recent articles, she wrote about a safe stock for the next decade.

It's the StockSelect recommendation for this month and Tanushree believes it can be one of the best performers in the next decade.

If you've subscribed to StockSelect, here's the link to the report.

If you're aren't a member, sign up for StockSelect here.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers