Retail Inflation Data, Air Passenger Traffic in November, and Top Cues in Focus Today

Mon, 16 Dec Pre-Open

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On Friday, Indian share markets witnessed positive trading activity throughout the day and ended on a strong note. Benchmark indices rallied tracking global cues on renewed optimism about a US-China trade deal.

The BSE Sensex closed higher by 428 points to end the day at 41,010. Axis Bank and Vedanta were among the top gainers.

While the broader NSE Nifty ended up by 115 points to end at 12,087.

Among BSE sectoral indices, metal stocks gained the most, followed by IT stocks and automobile stocks.

Top Stocks in Action Today

From the IT sector, Infosys share price will be in focus today as US-based Schall Law Firm has said it will file a class action lawsuit against Infosys to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major.

The firm asked investors who had purchased the company's securities between July 7, 2018 and October 20, 2019, inclusive (class period), to contact the firm before December 23, 2019.

Replying on the above matter, Infosys in a regulatory filing said that "the company is aware of several media stories referencing an additional securities class action lawsuit against Infosys. The company is not aware of any additional complaints, other than the initial complaint, which was disclosed on 24 October 2019."

From the automobile sector, Tata Motors share price will be in focus today as the company said that it has launched the new generation range of Prima and Ultra trucks in Kuwait, specially designed to meet the changing customer needs.

The launch of the new products come in line with the successful delivery for orders from waste management and cleaning companies operating for the Kuwait Municipality.

Maruti Suzuki share price will also be in focus today as the company has raised its vehicle production target for this fiscal.

The Suzuki Motor Corp. unit increased the target for the year ending 31 March by 6%, or 60,000 units, to 1.65 million vehicles.

Reportedly, the target has been increased because of expectations of stronger demand in the fiscal fourth quarter with the rollout of more cars compliant with Bharat Stage- VI (BS-VI) emission norms, cheaper financing options and brisk demand for its new products, XL6 and S-Presso.

Retail Inflation at 3-Year High

Rising food prices pushed the retail inflation in November to over three-year high of 5.54%, while the industrial sector output shrank for third month in a row by 3.8% in October, indicating deepening slowdown in the economy.

The retail inflation in November breached the Reserve Bank's medium-term target of 4%, justifying the central bank's decision to keep the benchmark interest rate unchanged in its monetary policy earlier this month.

According to the data released by the National Statistical Office (NSO), costlier vegetables, pulses and protein rich items pushed the consumer price index (CPI) based retail inflation to a 40-month high in November.

The previous high was in July 2016, when retail inflation was at 6.1%. The print stood at 4.6% in October and 2.3% in November 2018.

Inflation in vegetables shot up to 36% in November, as against 26.1% in October.

Prices of pulses and related products jumped 13.9% during the month. In the fuel and light category, prices dropped 1.9%.

On the other hand, the falling output of manufacturing, mining and electricity sectors pulled down the Index of Industrial Production (IIP) in October, as per the official data.

November Domestic Air Passenger Traffic Fastest in 2019

Domestic air passenger traffic for November grew at the fastest pace in 2019. Indian airlines carried 12.95 million people in November, up 11.2% year-on-year.

According to the data from the Directorate General of Civil Aviation (DGCA), this was the fastest growth recorded since December 2018.

Domestic passenger traffic growth in November was led by SpiceJet, which carried 2 million passengers in the month, a jump of 43% year-on-year, while India's largest airline IndiGo carried 6 million passengers, up 21%.

GoAir's passenger traffic increased 39.5% to 1.4 million, while that of Air India increased by 10% to 1.5 million.

SpiceJet's passenger load factor rose 3%, while Vistara, Air Asia and Air India recorded higher passenger load factors at 84%, 87% and 83%, respectively.

Passenger load factor of the six major carriers stood between 83% and 92.8% in November as against 76-90% in October.

Air passenger volumes increased as the combined capacity of airlines rebounded recently following the closure of Jet Airways in April.

Reports state that growth is seen due to low airfares. Lower airfares have been due to the seat capacity additions as well as stable oil prices.

The weakness in airfares reflects slowdown in the economy, similar to what has been seen in various other sectors.

How this trend pans out in the coming months remains to be seen. Meanwhile, we will keep you update on all the developments from this space.

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