Sensex Trades Marginally Higher; Yes Bank & IndusInd Bank Top Gainers

Wed, 27 Mar 12:30 pm

   Previous Close   

   Pre-Open   

   09:30 am   

   Closing   

Share markets in India are presently trading marginally higher. Sectoral indices are trading mixed with stocks in the banking sector and FMCG sector witnessing buying interest while energy stocks and realty stocks are witnessing selling pressure.

The BSE Sensex is trading up by 114 points while the NSE Nifty is trading up by 29 points. The BSE Mid Cap index is trading up by 0.9% while the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at Rs 68.91 against the US$.

In the news from the IT sector, Mindtree share price is in focus today. The board of the Bengaluru-headquartered firm decided to drop its buyback plan.

As per an article, after its previous board meeting on March 20, the Mindtree board informed it would constitute a committee of independent directors to evaluate the open offer proposal of L&T.

Here's an excerpt from the article:

• The board has decided not to proceed with a buyback of equity shares of the company. Further, it decided to immediately constitute the Committee of Independent Directors in the interests of all stakeholders to provide their reasoned recommendation in respect of the unsolicited offer by L&T.

As per market regulator norms, a share buyback is possible only when an open offer is in place after receiving approval from 75% of the shareholders.

Meanwhile, after acquiring 20.3% from Mindtree's key shareholder V G Siddhartha, L&T on Tuesday said its open offer for Mindtree would open on May 14 at Rs 980 a share.

Reportedly, L&T will spend an additional Rs 50.3 billion in the open offer to acquire another 31% from Mindtree's shareholders to take majority control in the company.

Mindtree share price is presently trading down by 0.6%.

Moving on to the news from the aviation space, Jet Airways share price is witnessing buying interest today after media reports claimed that the airline will get back its fleet within 2 months.

Reports state that two to three aircraft are expected to be released daily once the payment is done to the lessors. The cash strapped airline was rescued by its lenders who have outlined plans to fly grounded planes and restart some of its cancelled flights.

Banks led by SBI will be allotted 114 million shares while the airline would get immediate funding of Rs 15 billion in debt.

Reports also state that by the end of April, Jet airways will increase the number of airborne aircraft to 75 from 35 at present. Jet Airways had a fleet of 119 aircraft before lessors started taking back the aircraft.

Jet Airways' senior officials, including its CEO Vinay Dube and CFO Amit Agarwal, attended the meeting called by the aviation secretary on Tuesday and shared plans on reviving operations.

Shares of the debt-laden airline closed 7% higher yesterday, rising for the 3rd straight day after Naresh Goyal, the Promoter and Chairman of Jet Airways, along with his wife, Anita Goyal stepped down from their positions in the board. Etihad Airways nominee Kevin Knight also quit the board.

With yesterday's gain, Jet has gained 27% in the past three days.

Speaking of airlines, while looking at the current demand-supply scenario in the aviation industry, it is important to look at how air passenger traffic is growing.

Have a look at the chart below that shows the air passenger growth for the past six months:

Air Passenger Growth is Tapering off

In February, domestic air passenger traffic reported its lowest monthly passenger traffic growth since January 2015. It registered a marginal annual growth of 5.6%.

Similarly, in January, the number of passengers flown by domestic airlines grew at 9.1% YoY, while in December, it increased by 13% YoY. This is way lower than the historical growth rate of 20% between 2014-2018 period.

As per Research Analyst Sarvajeet Bodas, a slowdown in passenger growth is due to several factors. These include frequent flight cancellations due to grounding of fund-starved Jet Airways' aircraft, pilot shortages faced by IndiGo, NOTAMs (notice to airmen) at various airports, and a rise in airfare etc.

In the last 5 years, we saw a surge of middle-class travelling by plane. But when the ticket price goes up, many of them prefer an alternate mode of transportation.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers