Sensex Opens Higher; Telecom and Energy Stocks Gain the Most

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Asian share markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.4% while the Hang Seng is down 0.7%. The Nikkei 225 is trading down by 0.8%. The Dow Jones Industrial Average and the S&P 500 fell from record levels on as forecasts from retailers Home Depot and Kohl's fueled worries about consumer spending and the US-China trade dispute dragged on.

Back home, India share markets opened higher. The BSE Sensex is trading up by 148 points while the NSE Nifty is trading up by 42 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.3% and 0.2% respectively.

Sectoral indices have opened the day on a mixed note with telecom stocks and oil & gas stocks witnessing buying interest. Power stocks and FMCG stocks are trading in red.

The rupee is currently trading at 71.74 against the US$.

Speaking of stocks markets in India, current volatile markets and some recent economic numbers have confused investors.

In conversation with me, Tanushree Banerjee decodes a few economic myths and reveals three big trends of Rebirth of India.

Tune in...

Real estate stocks opened the day on a mixed note with Ansal Housing and Ansal Properties witnessing maximum buying interest. As per an article in a leading financial daily, Dilip Buildcon has bagged an order worth Rs 21.2 billion from Northern Coalfields Ltd, a subsidiary of Coal India, for removal of overburden at a mining project in Madhya Pradesh.

In mining, overburden is the overlying material (such as rock, soil) that generally has no commercial value.

Reportedly, the company was declared lowest bidder in the reverse auction.

The contract period of the project is 1,552 days.

Coal India accounts for over 80% of domestic coal output.

Dilip Buildcon share price opened the day down by 0.4%.

In another development, Prestige Group has picked up 29% stake in commercial development of a DB Realty project.

The commercial property in Mumbai's Bandra locality has a development potential of over 7 lakh sq ft and is valued at about Rs 21 billion, the reports stated.

The joint venture entity will develop a mixed-use project with total 200 hotel rooms, while the rest will be office space.

The deal marks Bangaluru-based Prestige Estates Projects' entry into the Mumbai commercial market.

Note that, this is the second transaction between Prestige and DB Realty. Last month, the firm had entered into a joint venture with DB Realty to develop a hospitality-led mixed-use project spread in Delhi's Aerocity.

How this strategic move pans out for the company going forward remains to be seen.

Speaking of real estate sector, this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

Is the Real Estate Sector Set for a Turnaround?

The BSE Realty Index has seen a sharp bounce post this announcement. It is up 21% for the year.

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

Moving on to the news from the airlines sector. As per the latest data released by the Directorate General of Civil Aviation (DGCA), the domestic air passenger traffic increased by 4% to 12.3 million in October 2019 as compared to 11.8 million in the same month of last year.

In September this year, the domestic passenger growth was just 1.2% as compared to the same month last year.

The passenger load factor in the month of October has shown increasing trend compared to previous months primarily due to the onset of tourist season.

According to data, the passenger load factor of all major airlines, Air India, SpiceJet, GoAir, IndiGo, AirAsia and Vistara declined in October as compared to September this year.

The passenger load factor measures the seat capacity utilisation of the airline.

IndiGo maintained its lead position with 47.4% share of the domestic passenger market in October.

SpiceJet's market share increased from 14.7% in September to 16.3% in October, giving it the number two spot. The market share of Air India, GoAir, AirAsia and Vistara was 12.6%, 11.2%, 6.5% and 5.4% respectively in October.

Airline stocks opened mixed with Jet Airways and Indigo trading in green.

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

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