Sensex Trades Lower; Reliance Industries & Yes Bank Top Losers

Mon, 22 Apr 12:30 pm

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Share markets in India are presently trading on a negative note. Barring IT sector, all sectoral indices are trading in red with realty stocks, banking stocks and energy stocks witnessing maximum selling pressure.

The BSE Sensex is trading down by 276 points (down 0.7%), while the NSE Nifty is trading down by 93 points (down 0.8%). The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 0.8%.

The rupee is trading at Rs 69.71 against the US$.

Market participants are tracking Swaraj Engines share price, Mahindra Lifespace share price, and Goa Carbon share price as these companies are set to announce their Q4FY19 results later today.

You can also read our recently released Q4FY19 results: Reliance Industries, Tata Sponge, DCB Bank.

In the news from the aviation space, shares of Jet Airways continued their downtrend by slipping around 19% in early trade today. The free fall began last Friday after the company announced temporary suspension of flight operations as lenders turned down the airline's request for emergency funding.

Last week, the consortium of Indian lenders, led by the State Bank of India (SBI), informed Jet Airways that they were unable to consider its request for critical interim funding.

In past one week, the company's Independent Director Rajshree Pathy, and Non-Executive Non-Independent Director Nasim Zaidi have submitted their resignations "due to personal reasons and constraints of time".

Reports also state that, the Tata group may revive an attempt to buy the cash-strapped airline if lenders to the grounded airline fail to find a buyer and are forced to drag the carrier to a bankruptcy court.

Last year, the Tata group withdrew from talks to buy the debt-laden airline after Naresh Goyal was unwilling to cede control and had opened parallel negotiations with existing investor Etihad Airways PJSC of Abu Dhabi for a potential equity infusion.

Note that, Jet Airways used to be a frontrunner once. What went wrong?

Well, one of the many reasons was the challenge from the entry of budget carriers. This led to dropping of fares by Jet Airways. Some tickets were sold even below the breakeven cost.

Then, provincial taxes of as much as 30% on jet fuel were added to its expenses. Further, the rise in oil prices was a death blow to their earnings.

Jet Airways: Bleeding Red

On a consolidated level, the company has bled in nine of the last eleven fiscals. In other words, it has kept its bottom-line in the black in only two out of the last eleven years.

In other news, SpiceJet has announced signing of an initial pact for code share partnership with Gulf carrier Emirates.

Reportedly, the reciprocal partnership will allow opening of new routes and destinations for passengers of the two airlines.

SpiceJet is also planning to launch 24 new flights connecting Mumbai and Delhi with other cities on its domestic network. Of these, 16 will connect Mumbai, four will connect Delhi while the rest will connect the two metros with each other.

SpiceJet share price is presently trading down by 4.2%.

Moving on to the news from the automobile sector, Maruti Suzuki share price is in focus today. Reportedly, the company is all set to launch new 1.2 litre DUALJET, DUAL VVT BS VI engine with next generation Smart Hybrid technology in Baleno, a premium hatchback.

The new BS VI compliant Baleno (Petrol) with Smart Hybrid will be available at NEXA showrooms across the country.

Eicher Motors share price is also in focus as the company's motorcycle arm - Royal Enfield has expanded its presence in Asia by opening its standalone flagship store in Seoul, South Korea.

Vintage Motors (Kiheung International) will be Royal Enfield's distributor-partner in South Korea.

Speaking of automobiles sector, one thing we must keep in mind is that not all auto companies will make money over time. And also, you shouldn't stay away from auto stocks altogether.

Even Tanushree Banerjee, Co-head of research at Equitymaster believes that there are businesses in this sector that you cannot ignore. She is particularly talking about the blue-chip auto stocks.

She believes, This could be the opportunity long term investors were waiting for.

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

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