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India's Third Giant Leap

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Last hour selloff!
Thu, 19 Mar 03:30 pm

Indian markets receded from early gains after investors booked profits in the second session. BSE Sensex is trading with a loss of 200 points while NSE-Nifty is trading lower by about 50 points. Selling pressure is seen in banking and IT stocks while <>consumer durables sector continues to outperform. BSE Mid Cap and BSE Small Cap are trading with losses of 0.7% and 0.6% respectively.

Commodities sustained their gains on the back of comments from the Federal Reserve. Gold increased about 1% or Rs 250 and is trading above 25,800 (per 10 grams) levels while silver increased over 1.5% or Rs 560 and is trading at Rs 35,900 per kg. Crude oil prices retreated from their session highs, though are still trading in the green with 2% profits. Per barrel crude oil prices stand at Rs 2,880, up Rs 60. The value of Indian rupee pared its early losses and is currently trading with minor loss of 0.2% or 0.11 at Rs 62.58.

European markets are trading with moderate gains. German market gained 0.1% while French market gained about 0.2%.

PVR Cinemas and Vatika group have partnered each other to operate 26 screens in Gurgaon, Jaipur and Ambala. The total investment in this venture is expected to be nearly Rs 3 bn. The multiplexes expect seating capacity to be around 5,000 and are expected to break-even and make profit in the fourth quarter of 2018-19. Shares of PVR gained 1.4% after such developments.

The debt-ridden Spicejet group received a jolt when the Delhi High Court ordered Directorate General of Civil Aviation (DGCA) to deregister six SpiceJet airplanes that had been leased by the company. Last week, the promoter of company had paid US$ 10 m in dues for 3 Boeing 737 aircrafts. Moreover, J.P Morgan and a domestic investor are also expected to infuse Rs 14 bn in the company, which will provide a vital life line to the company. Shares of Spice Jet fell 4% after this news was released.

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