Indian Indices End on a Strong Note; Sensex Ends 489 Points Higher

Thu, 20 Jun Closing

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After opening the day marginally lower, Indian share markets witnessed most of the buying interest during closing hours and ended their trading session on a strong note. Gains were largely seen in the automobile sector, capital goods sector and healthcare sector.

At the closing bell, the BSE Sensex stood higher by 489 points (up 1.3%) and the NSE Nifty closed higher by 140 points (up 1.2%). The BSE Mid Cap index ended the day up 1.6%, while the BSE Small Cap index ended the day up by 1.1%.

The rupee was trading at 69.57 against the US$.

In the news from aviation sector, falling for 13 sessions in a row, Jet Airways share price plunged around 18% in early trade today to hit its fresh all-time low of Rs 27.

The selling pressure came as Indian lenders' efforts to initiate insolvency proceedings against Jet Airways are facing a fresh challenge. As per the news, the trustee appointed by a Netherlands court, which had last month declared the grounded airline bankrupt, is seeking to intervene.

Later during closing hours, shares of Jet Airways zoomed around 125% as reports stated that the tribunal will pass order on company's insolvency case at 5 pm today.

Earlier this week, State Bank of India filed insolvency petition against the company to recover dues.

Insolvency proceedings against Jet Airways has started as a consortium of lenders led by the State Bank of India (SBI) failed to find a buyer for the beleaguered airline.

Note that Jet Airways has a debt of nearly Rs 85 billion on its books with total liabilities of around Rs 250 billion.

Several people from the top management have left the airline company in the past few months. Lenders to the cash-strapped airline, led by the SBI are seeking investors to recover their dues.

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

Moving on to the news from the engineering sector, Blue Star share price was in focus today. The stock of the company witnessed buying interest after the company bagged a contract worth Rs 2.5 billion from the Mumbai Metro Rail Corporation (MMRC).

The company yesterday said it has bagged a contract from MMRC for the tunnel ventilation system and environmental control system works for the section BKC to Mumbai Central on its Colaba-Bandra-SEEPZ, metro-3 corridor.

A week ago, reports stated the air conditioner-maker, which forayed into the water purifier business in 2016, has set a target revenue of Rs 1.2 billion from this segment during this financial year.

In the news from the commodity space, crude oil prices rose around 3% today on the back of escalating tensions in the Middle East.

As per the news, a US official said one of the country's military drones was shot down by an Iranian missile.

As per the official, the drone was downed in international airspace over the Strait of Hormuz by an Iranian surface-to-air missile.

Buying interest was also seen as members of the Organization of the Petroleum Exporting Countries (OPEC) agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2.

OPEC and its allies are going to discuss whether to extend a deal on cutting 1.2 million barrels per day of oil production that runs out this month.

We will keep you updated on all the developments from this space. Stay tuned.

To know more about commodity and currency markets and which are the best counters to trade in this space, you can read one of Vijay Bhambwani's recent articles: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

From the construction sector, IL&FS Engineering and Construction Company was in focus today after the company announced that it has received approval from Ministry of Road Transport and Highways (MoRTH) for revival/ restart of the road project which was previously referred for amicable foreclosure by the competent Authority.

PSP Projects share price was also in focus after the company said it has bagged big institutional and residential projects.

The infrastructure company informed exchanges that the company received new work orders worth Rs 6 billion (excluding GST) for institutional and residential projects from various clients.

The order includes a major project of Rs 6 billion for construction of flat type high rise buildings cum commercial units including on-site development with all infrastructure services for economical weaker section (EWS) scheme at Bhiwandi, Maharashtra and remaining from other clients.

With the above order, the total work orders received by the company during the FY20 (till date) on standalone basis amounts to Rs 7.6 billion.

Speaking of the infrastructure sector, did you know India became the world's fastest highway building economy under Modi 1.0?

Tanushree Banerjee has shared some interesting data on this in one of the recent editions of The 5 Minute WrapUp...

In the last five years, India constructed approximately 39,000 kms of highways. That is a jump of nearly 60% from the UPA-2 tally.

The NHAI achieved the pace of building highways at 32 kms per day in FY19. Its target for FY20, at 40 kms per day is almost 25% higher.

What Would 40 kms a Day of Highway Building Mean for Infra Stocks?

And as per Tanushree, this uptrend in execution could be a big tailwind for infra companies. As she writes...

• Now, I do not expect the 25% jump in road building to come in one fiscal.
  
  However, I believe it is important this trend of improvement in execution continues.
  
  And such a trend could be a big tailwind for many infra companies.
  
  Also, Modi 2.0's infra plans are not restricted to road building alone.
  
  Railways, waterways, drinking water pipelines, green energy, and affordable housing could also form a bulk of the Rs 100 lakh crore opportunity.

But does that mean investors should jump at the next hot infra stock?

No.

Because even if India's infra story sounds exciting, it is important to dig deeper and be careful.

There will be only a few stocks that will benefit the most from the transformation what Tanushree calls the Rebirth of India.

You can read Tanushree's article in its entirety here: How to Profit from Modi 2.0's Rs 100 Lakh Crore Infrastructure Plan

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

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