Sensex Ends at Record Closing High; Power and Telecom Stocks Witness Buying

Thu, 30 May 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 power sector, IT sector and telecom sector, while automobile stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 330 points (up 0.8%) and the NSE Nifty closed higher by 85 points (up 0.7%). The BSE Mid Cap index ended the day up 0.4%, while the BSE Small Cap index ended the day up by 0.2%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.4%. The Shanghai Composite and the Nikkei 225 were down by 0.3%.

The rupee was trading at 69.89 against the US$.

The domestic currency opened strong against the US$, driven by weakening of the greenback in overseas markets. Forex dealers said, selling of the American currency by exporters supported the rupee.

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

• Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative traders association has indicated that forex may be traded in 6 decimals in the coming few years.
  
  It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.
  
  Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

In the news from the IT sector, Info Edge (India) share price witnessed buying interest today. Shares of the company hit a new high of Rs 2,190, after the company reported a good set of numbers for the quarter ended March 2019 (Q4FY19).

The company which owns online job portal Naukri, reported 53.8% jump in the standalone operating earnings before interest tax depreciation and amortization (EBITDA) at Rs 913 million for Q4FY19.

Net sales grew 21.6% at Rs 2.9 billion on a year-on-year (YoY) basis. The company reported a net profit of Rs 663.1 million, compared to a loss of Rs 137.5 million in the year-ago quarter.

Earlier this week, the company said that it will acquire Highorbit Careers, which operates job portals iimjobs.com and hirist.com for cash consideration of Rs 808.2 million.

Reports state that the combination of iimjobs' strong brand proposition and Info Edge's strong distribution network will enable the company to better serve its recruiter clients and jobseekers by tailoring its services.

As of March 31, 2019, Highorbit had a turnover of Rs 166 million. The transaction is expected to close by June 30.

Moving on to the news from the aviation sector, SpiceJet has inducted 22 Boeing planes that were withdrawn from grounded airline Jet Airways' fleet by lessors and plans to add eight more such planes in the next two weeks.

The 30 Boeing 737 NG planes that were earlier operated by Jet Airways are being added to SpiceJet's fleet on short-term leases, with a maximum lease tenure of 24 months.

Earlier this week, the company also reported its March quarter results. Net profit rose from Rs 461.5 million to Rs 562.9 million in the quarter ended March 31, 2019.

SpiceJet share price ended the day up by 2.6%.

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

In other news, the International Air Transport Association (IATA) in its passenger traffic data has indicated that India's domestic air traffic recorded negative growth rate for the first time in over five years during the month of April 2019.

This was largely due to the demise of Jet Airways share price. Revenue passenger kilometers (RPKs) in the domestic India market are currently 0.5% lower than their year-ago level, down from a 15% YoY pace as recently as December.

The report also added that India was one of the world's fastest growing domestic aviation market for the previous many months.

According to the data, Jet Airways, which was flying for more than 25 years, suspended all its domestic and international flights in April after it ran out of cash. Flight cancellations and subsequent grounding of the airline adversely impacted seat capacity in the domestic market which also resulted in fares going up.

Over the past five years, annual growth has averaged a pace close to 20%. Rising airfares in recent months are also likely to have weighed upon passenger demand.

IATA has stated that, globally, RPKs rose 4.3% in April 2019 as compared to same month in the previous year. It also experienced solid but not exceptional rising demand for air connectivity in April.

Speaking of aviation industry, looking at the current demand-supply scenario, air passenger traffic is slowing down.

Air Passenger Growth is Tapering off

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.

This can impact revenue and margin of airports at a time when many of them are undertaking large capex. The decline in passenger traffic follows the increase in airfares due to lower number of flights.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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