Sensex Trades above 39,000-Mark; L&T and Bharti Airtel Top Gainers

Fri, 24 May 12:30 pm

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Share markets in India are presently trading on a positive note. All sectoral indices are trading in green with stocks in the realty sector, telecom sector and capital goods sector witnessing maximum buying interest.

The BSE Sensex is trading up by 343 points (up 0.9%), while the NSE Nifty is trading up by 101 points (up 0.9%). The BSE Mid Cap index is trading up by 1.1%, while the BSE Small Cap index is trading up by 1.4%.

While the Indian stock market has given a big thumbs up to the re-election of the Modi government, what does this mean for the market going forward? And how can one play markets post elections?

Tanushree Banerjee answers these questions in the latest edition of The 5 Minute WrapUp. You can read the entire article here: My Top 7 Stocks to Buy as Modi Returns to Power

Also, with Sensex touching the 40,000 mark yesterday, does Sensex 1,00,000 sound outrageous from where we are right now?

History indicates a healthy rise in Sensex post elections. In the three elections prior to this, we have seen a government come back to power, and change hands but the Sensex has moved one way i.e. upwards.

Will the Sensex Be Close to 1,00,000 By the Next Election?

Here's what Tanushree has to say about this...

• There are bound to be bumps along the way. The move from 5,000 to 40,000 wasn't a straight one. We had a global recession, countless moments of doomsday predictions as well.
  
  But we got there.
  
  And now, with a stable government at the centre, the pace might pick up.
  
  I believe there are 50 irreversible trends that will the push Sensex to 1,00,000.
  
  And these 50 trends look set to play out soon.
  
  The ride might have already begun looking at the stock market's reaction to the election results.
  
  But it is still early days. And the time to hop on to the ride is right now!

Meanwhile, look out for the stocks that will rise fast when the tide of the market turns up.

Market participants are tracking Ashok Leyland share price, JSW Steel share price, and Bata India share price as these companies are set to announce their March quarter (Q4FY19) results today.

You can also read our recently released Q4FY19 Results: Bajaj Auto, PI Industries, IndusInd Bank, Bosch.

In the news from the power sector, KEI Industries share price is witnessing buying interest today after the company reported a strong operational performance in Q4FY19.

The power cable manufacturing company's operating profit rose 36% at Rs 1.4 billion against Rs 1 billion in the year-ago quarter. Operating margin improved 113 basis points (bps) at 10.9% due to increase in sales and better product mix.

Net sales grew 22% at Rs 12.6 billion, while net profit jumped 21% at Rs 0.6 billion. Reports state that the company has strong pending orders worth 47.1 billion and Rs 1.1 billion for extra high voltage.

Shares of the company are presently trading at their all-time high, up 10%.

To know more about the company, you can read KEI Industries' Latest Result Analysis on our website.

Moving on to the news from the aviation space, shares of Jet Airways are trading 8% lower today after reports state that Hinduja Group and Etihad Airways failed to strike a deal to buy stake in the cash-strapped airline.

The debt-laden airline's future remains uncertain as Hinduja Group and Etihad Airways fail to make headway in their negotiations for joint ownership.

As per a leading financial daily, lenders have expressed reservations to consider the unsolicited bids, as they find them lacking financial and managerial depth.

UK-based entrepreneur Jason Unsworth, Mumbai-based Darwin Platform Group, London-based AdiGro Aviation, and Russian aviation professional Oleg Evdokimov, were not shortlisted by the lenders but had submitted bids.

Meanwhile, rating agency ICRA in a report said that the grounding of Jet Airways' aircrafts has impacted the industry's capacity by around 14%, which has resulted in a 4.2% fall in domestic air traffic to 11 million in April.

Note that, Jet Airways has seen a slew of top executives and board members leave the airline in the past few months. Last month, Nasim Zaidi quit his position as non-executive and non-independent director on the airline's board citing 'personal reasons' and 'time constraints'.

The airline's independent director, Rajshree Pathy also quit the board in April. Last week, top executive Gaurang Shetty, considered close to founder Naresh Goyal, also resigned from airline's board of directors.

In other news, Singapore-based aircraft leasing company BOC Aviation said it has delivered three Boeing B737-800 NG aircraft to Indian carrier SpiceJet.

The three aircraft are powered by CFM56 engines. BOC Aviation is a leading global aircraft operating leasing company with a fleet of 507 aircraft.

SpiceJet share price is presently trading up by 6.6%.

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

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Indian Share Market Update: Top Gainers and Losers