Sensex Opens Marginally Lower Amid Weak Global Cues

Fri, 23 Dec 09:30 am

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Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.09% while the Hang Seng is down 0.59%. The Shanghai Composite is trading down by 0.61%. Stock markets in the US closed their previous session on a negative note.

Meanwhile, Indian share markets have opened the day on a flat note with a negative bias. The BSE Sensex is trading lower by 63 points while the NSE Nifty is trading lower by 13 points. The BSE Mid Cap index and BSE Small Cap index both opened the day down by 0.2%. The rupee is trading at 67.91 to the US$.

Sectoral indices have opened the day on a mixed note with consumer durables and healthcare stocks are witnessing maximum buying interest. While, losses were largely seen across FMCG, metal stocks and auto stocks.

As per an article in Livemint, the exports of gems and jewellery grew by about 10% and stood at US$23.5 billion during April-November period of the current fiscal. The exports were driven largely by rising demand in India's major export markets like the US and Europe.

According to the data compiled by Gems and Jewellery Export Promotion Council (GJEPC), the exports stood at US$21.5 million in April-November period of FY 2015-16.

One must note that, Gems and jewellery contribute about 14% to the country's overall exports. Net Gems and Jewellery exports for FY 2015-16 was to the tune of US$ 32 billion as compared to US$ 36.2 billion in FY 2014-15.

India's Gems & Jewellery Exports Over the Last 7 Years

Since December 2014, exports fell for 18 consecutive months till May 2016. Shipments witnessed growth only in June this year, but again slipped in July and August. Exports started recording positive growth from September.

The rise in April-November period was mainly supported by exports of cut and polished diamond. Exports of silver jewellery too grew by 16.3% in the current financial year. However, shipments of gold jewellery contracted by 10.35% to US$2.23 billion during the period. Exports of gold medallion and coins too dipped by 5.4% and stood at US$3.48 billion.

In another development, it was reported that Jet Airways is planning to raise US$100 million in US dollar-denominated debt by March 2017 to refinance rupee-based loans. The idea surfaced so that the airlines can almost halve its borrowing rate.

According to an article in The Economic Times, the Airlines have been looking forward to raising overseas loans. But all of its recent overseas debt deals have been done with the support of Abu Dhabi-based Etihad Airways, which holds 24% stake in Jet Airways.

In October 2016, the company received almost Rs 7 billion from a special purpose vehicle created by Etihad in the form of non-convertible debentures. The funds were used to refinance debt.

While the debt of the airlines has only increased with time, overseas loans have helped it cut consolidated finance costs to Rs 8.9 billion as of March 2016, when 85% of its total debt was in dollar denomination, from Rs 10.8 billion two years earlier, the reports noted.

Speaking of the aviation sector, Richa Agarwal, our research analyst has assessed the strength of different players in this sector in one of the editions of The 5 Minute WrapUp. Here's an excerpt from the article:

"At a time when most of the macro factors seem to be in favor, the balance sheets of most of the airline companies are still saddled with huge debt.

Aviation is a capital intensive business. While that's not going to change, what definitely is not going to remain same forever are the favorable macro factors - such as fuel prices. We believe it will be difficult for the airlines to employ price cut strategy in a tough macro environment. The growth rates that we are seeing now may also shrink".

Jet Airway's share price opened the day up by 0.4%.

Keywords: BSE Sensex, BSE, NSE Nifty, NSE, Indian stock markets, Indian share markets, BSE Midcap, BSE Small cap, Rupee Dollar exchange rate, Sensex today, todays share market, share market India, Aviation Sector, Jet Airways share price, gems & Jewellery, gold, silver.

Sector Focus: Aviation sector.

Description: Indian share markets open the day marginally lower with Sensex trading down by 63 points, while the Nifty is trading down by 13 points.

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