Sensex Ends Volatile Day in Red; Pharma Stocks Top Losers

Wed, 30 May Closing

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After opening the day in red, share markets in India witnessed volatile trading activity throughout the day and ended the day flat. Sectoral indices traded on a mixed note, with stocks in the capital goods sector and stocks in the pharma sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 43 points (down 0.1%) and the NSE Nifty closed down by 19 points (down 0.2%). The BSE Mid Cap index ended the day up 0.1%, while the BSE Small Cap index ended the day down by 0.2%.

The rupee was trading at Rs 67.46 against the US$ in the afternoon session. Oil prices were trading at US$ 75.67 at the time of writing.

Asian stock markets too finished in red. As of the most recent closing prices, the Hang Seng was down by 1.4% and the Shanghai Composite was down by 2.5%. The Nikkei 225 was down by 1.5%. Meanwhile, European markets, were trading on a mixed note. The FTSE 100 was up by 0.3%, The DAX, was up by 0.4% while the CAC 40 was down by 0.5%

In news from stocks in the aviation sector. According to a leading financial daily, the government is set to extend the deadline to bid for Air India, after it did not receive any bids for the national carrier. Notably, the deadline which was already extended once, ends tomorrow.

The intention is to complete the sale of a 76% stake in the airline before the end of the financial year.

The government on 1 May extended the privatization process of Air India by a fortnight and clarified various knotty issues identified by potential bidders.

Notably, Jet Airways ruled out a bid for debt-laden national carrier Air India citing unfavorable terms of the offer.

The announcement came just days after rival IndiGo pulled out of the race to acquire Air India's operations meaning the government now has no clear frontrunner in the sale campaign.

Once the country's monopoly airline, Air India has slowly lost market share to new low-cost private players in one of the world's fastest-growing airline markets.

Indian Aviation Spreading its Wings

Air travel has recorded double-digit growth for 40 consecutive months, thanks to low fares, the addition of new flights/destinations, and overall growth in the economy.

What's foreseeable for India's aviation traffic in 2018 is some pressure on the back of the consistent rise in crude oil prices. Earlier this month, Brent crude oil briefly breached US$80 per barrel and touched its highest level since December 2014. Crude prices have been driven up by production curbs in OPEC nations and Russia, as well as by robust demand on the back of healthy global economic growth.

Oil prices are closely monitored by the Indian air carriers, as aviation turbine fuel is their single largest input cost. A sharp rise in the cost of fuel puts pressure on margins, and consequently an increase in air fares.

Although air travel is becoming the new normal, investors need to understand the industry dynamics before buying up aviation stocks.

Moving on to news from stocks in the IT sector. Infosys share price was in focus today after the company completed acquisition of US-based digital marketing and consumer insights firm Wongdoody for nearly US$ 75 million.

The Indian IT services major had during recent quarterly results announced its decision to acquire this agency as it would look to enhance capabilities to offer services to clients who are increasingly shifting their engagement with customers on smartphones. Through this acquisition, Infosys wants to enhance its digital experience services ecosystem with services ranging from strategy, design and user experience, to creative and digital marketing across the customer experience value chain.

This will further expand the company's worldwide network of digital studios.

Wongdoody is headquartered in Seattle and has an office in Los Angeles. It has clients across industries like telecommunications, consumer electronics, healthcare and consumer packaged goods.

Infosys share price ended the day down by 0.2%.

And here's a note from Profit Hunter:

Mahindra and Mahindra (M&M) is the top gainer in the Nifty 50 Index - up 3%. Let's have a look at its chart.

After the stock bottomed out at 59 in December 2008, it made a healthy rally to hit a high of 717 in August 2014. The stock then traded in a broad range of 550 - 720. It broke out if this range on the upside in June 2016, indicating a resumption of the uptrend. But this was a false breakout as the stock again slipped back into the range.

In December, the stock formed a double-bottom pattern near the lower end of the range and rallied strongly.

The stock again broke out of the range on the upside with heavy volumes in December 2017 and rallied strongly to touch a life-time high of 888 earlier this month. It corrected for a while before resuming its up move. Today, the stock rallied 3% with strong volumes to hit a fresh life-time high of 901.

So can the stock continue the momentum or will it find some selling at its life-time high? Let's keep a track of it...

M&M Hits a New Life-time High

 

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