Sensex Opens Marginally Higher; IT and Power Stocks Lead

Tue, 18 Jun 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is down 0.5% while the Hang Seng is up 0.7%. The Shanghai Composite is trading on a flat note. Investors will be cautious ahead of the Federal Reserve's interest rate meeting.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 66 points while the NSE Nifty is trading up by 11 points. The BSE Mid Cap index and the BSE Small Cap index opened the day on a flat note.

Sectoral indices are trading on a mixed note with stocks in the IT sector and power sector witnessing buying interest while FMCG stocks and consumer durable stocks are trading in red.

The rupee is trading at Rs 69.81 against the US$.

Notably, Indian markets have been on the rise since the Narendra Modi-led coalition won a massive mandate to form the government for the second consecutive time.

There is widespread optimism that a combination of monetary stimulus and structural reforms may help revive the economy. In May, the benchmark Sensex rose 1.8%. In the year so far, Sensex has gained over 10%.

So, by the next elections in 2024, will Sensex touch 1,00,000 mark?

Does Sensex 1,00,000 sound outrageous from where we are right now?

Even Sensex 40,000 would have seemed the same from around 5,000 levels in May 2004.

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?

And now, with a stable government at the centre, the pace might pick up.

Co-head of research, Tanushree Banerjee believes 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!

In the news from the aviation space, lenders to Jet Airways on Monday, decided to start bankruptcy proceedings against the grounded airline. The consortium of lenders, led by the State Bank of India (SBI), chose to refer Jet Airways to the National Company Law Tribunal (NCLT).

Reports state that one or two parties have indicated their interest in the cash-strapped airline once it reaches the bankruptcy court although they did not offer any assurance.

Last week, London-based Hinduja Group had decided to halt negotiations to buy a stake in Jet Airways, while Etihad Airways also put on hold a plan to add more investments in the airline.

The pilots' union of Jet Airways also plans to file a plea against the grounded airline at NCLT for non-payment of salaries and not providing a provision for gratuity payment to its staff.

Jet currently owns about 13 aircraft, including 10 Boeing 777s and three Boeing 737 aircraft, most of which are mortgaged to financers.

With the company now going to NCLT, lenders may be able to recover only a fraction of the Rs 84 billion it owes them. The total liabilities of the airline, including unpaid salaries and vendor dues, are nearly Rs 150 billion.

Yesterday, the stock of the carrier witnessed selling pressure and plunged to its fresh all-time low ahead of its lenders' meet.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments form this space.

Jet Airways share price opened the day down by 10%.

Moving on to the news from the IT sector, TCS share price is witnessing buying interest today as the company has teamed up with SAP to launch an intelligent field inventory management solution, which leverages IoT and blockchain to help medical device manufacturers streamline surgical kit handling.

Reportedly, this will significantly streamline and simplify surgical kit handling, improve patient outcomes, optimize field inventory and ease regulatory compliance. Additionally, quicker turnaround of returned kits boosts revenue recognition for the manufacturers.

Meanwhile, Tech Mahindra share price has received approval to acquire 100% equity shares of Objectwise Consulting Group Inc. through a new entity to be formed under its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc.

Objectwise brings with it strong capabilities in implementation and support of PEGA software. The cost of equity value is Rs 143.2 million. The Investment Committee of the Board of Directors of the company has approved the same.

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