Sensex Ends 370 Points Higher; Consumer Durables and Banking Stocks Witness Buying

Tue, 16 Apr Closing

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Indian share markets traded on a positive note throughout the day and ended their trading session on a strong note. Gains were largely seen in the banking sector, consumer durables sector and telecom sector, while realty stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 370 points (up 1%) and the NSE Nifty closed higher by 97 points (up 0.8%). The BSE Mid Cap index ended the day up 0.1% and the BSE Small Cap index ended the day up by 0.4%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 1.1% and the Shanghai Composite was up by 2.4%. The Nikkei 225 was up 0.2%.

The rupee was trading at 69.62 against the US$.

In the news from the aviation space, Jet Airways share price was in focus today after reports suggested the airline may shut down its operations temporarily. Reports also suggested that founder Naresh Goyal has withdrawn from the bidding process.

Shares of the company fell around 19% today on back of the above news.

It was reported earlier that Jet Airways was headed towards a total grounding and a decision could be taken as early as Tuesday after a meeting of its board of directors.

Meanwhile, SpiceJet share price and IndiGo share price gained as much as 13% on the expectation of higher yield due to the capacity reduction of Jet Airways.

SpiceJet and IndiGo will add close to 50 aircraft over the next few months to fill up the capacity shortage caused by the crisis in Jet Airways as well as the grounding of Boeing 737 Max planes.

Buying interest was also seen as SpiceJet said it will add five 90-seater Q400 aircraft taking its Bombardier fleet size to 32. Three of these planes will join SpiceJet's fleet in the next 10 days while the remaining two will be inducted by June.

In the past one week, SpiceJet and IndiGo have gained 33% & 8% while Jet Airways was down 6% during the period.

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.

Moving on to the news from the IT sector, Tata Consultancy Services (TCS) share price witnessed buying interest today on reports that the company entered into partnership with Israel's Finance Ministry to make technology affordable for small banks in the country.

Last week, the IT major reported a 17.7% year-on-year growth in its consolidated net profit at Rs 81.3 billion in January-March period.

Revenue for the quarter climbed 18.5% to Rs 380.1 billion from Rs 320.8 billion in the corresponding period last fiscal. The board also recommended a final dividend of Rs 18 per equity share of Rs 1 each.

You can read TCS's Q4FY19 Result Analysis on our website.

In other news, Cyient share price also witnessed buying interest on launching a portfolio of services and solutions that help Communication Service Providers (CSPs) expedite 5G network rollouts globally.

Reportedly, the services will help in defining the migration roadmap towards the 5G NSA standard, but also help in planning smarter and faster rollouts, including site verification and benchmarking in post deployment operations.

For the 5G planning phase, the company's surveying services and drone-based mobile 3D survey capabilities will help in efficient identification of areas for 5G rollout.

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