Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster

Helping You Build Wealth With Honest Research
Since 1996. Try Now

  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Sensex Ends at Record Closing High; Power and Telecom Stocks Witness Buying
Thu, 30 May Closing | Monish Vora, TM Team

Indian share markets traded on a positive note throughout the day and ended their trading session on a strong note.

Gains were largely seen in the power sector, IT sector and telecom sector, while automobile stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 330 points (up 0.8%) and the NSE Nifty closed higher by 85 points (up 0.7%). The BSE Mid Cap index ended the day up 0.4%, while the BSE Small Cap index ended the day up by 0.2%.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.4%. The Shanghai Composite and the Nikkei 225 were down by 0.3%.

The rupee was trading at 69.89 against the US$.

The domestic currency opened strong against the US$, driven by weakening of the greenback in overseas markets. Forex dealers said, selling of the American currency by exporters supported the rupee.

--- Advertisement ---
From Sensex 40,000 to Sensex 100,000...

After news of Modi's win came out...

The Sensex briefly hit 40,000 in a bout of euphoria - the highest it's ever been at.

And we have no doubt that the Sensex will see many new highs under Modi's leadership...

Sensex 100,000, as we've predicted in many of our writeups, could be here in the years to come.

And 4 stocks have the potential to benefit the most.

Full details here.

Read all about this opportunity before it's too late.
------------------------------

Speaking of currencies, Vijay Bhambwani, editor of Weekly Cash Alerts, tells you the main reasons why not to trade commodities and currencies the same way you would trade equities. Here's an excerpt of what he wrote...

  • Currencies are traded in pairs and the most liquid is the USDINR. Currencies are traded in four decimal points just as bonds are. The international derivative traders association has indicated that forex may be traded in 6 decimals in the coming few years.

    It takes months sometimes for the currency pair to pass the next round figure, say from 70 to 71.

    Can you really trade commodities and currencies alike or for that matter, equities and currencies alike? Definitely not!

To know more, you can read Vijay's entire article here: Is Trading in Equities, Commodities, and Currencies the Same?

In the news from the IT sector, Info Edge (India) share price witnessed buying interest today. Shares of the company hit a new high of Rs 2,190, after the company reported a good set of numbers for the quarter ended March 2019 (Q4FY19).

The company which owns online job portal Naukri, reported 53.8% jump in the standalone operating earnings before interest tax depreciation and amortization (EBITDA) at Rs 913 million for Q4FY19.

Net sales grew 21.6% at Rs 2.9 billion on a year-on-year (YoY) basis. The company reported a net profit of Rs 663.1 million, compared to a loss of Rs 137.5 million in the year-ago quarter.

Earlier this week, the company said that it will acquire Highorbit Careers, which operates job portals iimjobs.com and hirist.com for cash consideration of Rs 808.2 million.

Reports state that the combination of iimjobs' strong brand proposition and Info Edge's strong distribution network will enable the company to better serve its recruiter clients and jobseekers by tailoring its services.

As of March 31, 2019, Highorbit had a turnover of Rs 166 million. The transaction is expected to close by June 30.

Moving on to the news from the aviation sector, SpiceJet has inducted 22 Boeing planes that were withdrawn from grounded airline Jet Airways' fleet by lessors and plans to add eight more such planes in the next two weeks.

The 30 Boeing 737 NG planes that were earlier operated by Jet Airways are being added to SpiceJet's fleet on short-term leases, with a maximum lease tenure of 24 months.

Earlier this week, the company also reported its March quarter results. Net profit rose from Rs 461.5 million to Rs 562.9 million in the quarter ended March 31, 2019.

SpiceJet share price ended the day up by 2.6%.

To know more about the company, you can read SpiceJet's Latest Result Analysis on our website.

In other news, the International Air Transport Association (IATA) in its passenger traffic data has indicated that India's domestic air traffic recorded negative growth rate for the first time in over five years during the month of April 2019.

This was largely due to the demise of Jet Airways share price. Revenue passenger kilometers (RPKs) in the domestic India market are currently 0.5% lower than their year-ago level, down from a 15% YoY pace as recently as December.

The report also added that India was one of the world's fastest growing domestic aviation market for the previous many months.

According to the data, Jet Airways, which was flying for more than 25 years, suspended all its domestic and international flights in April after it ran out of cash. Flight cancellations and subsequent grounding of the airline adversely impacted seat capacity in the domestic market which also resulted in fares going up.

Over the past five years, annual growth has averaged a pace close to 20%. Rising airfares in recent months are also likely to have weighed upon passenger demand.

IATA has stated that, globally, RPKs rose 4.3% in April 2019 as compared to same month in the previous year. It also experienced solid but not exceptional rising demand for air connectivity in April.

Speaking of aviation industry, looking at the current demand-supply scenario, air passenger traffic is slowing down.

Air Passenger Growth is Tapering off

Air Passenger Growth is Tapering off

A slowdown in passenger growth is due to several factors. These include frequent flight cancellations due to grounding of fund-starved Jet Airways' aircraft, pilot shortages faced by IndiGo, NOTAMs (notice to airmen) at various airports, and a rise in airfare etc.

In the last 5 years, we saw a surge of middle-class travelling by plane. But when the ticket price goes up, many of them prefer an alternate mode of transportation.

This can impact revenue and margin of airports at a time when many of them are undertaking large capex. The decline in passenger traffic follows the increase in airfares due to lower number of flights.

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

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

Read the latest Market Commentary


What else is happening in the markets today? Dig in...

Equitymaster requests your view! Post a comment on "Sensex Ends at Record Closing High; Power and Telecom Stocks Witness Buying". Click here!

  

Stock Market Updates

ADVANCED ENZYME TECHNOLOGIES Share Price Up by 5%; BSE HEALTHCARE Index Up 2.0% (Today's Market)

Aug 14, 2020 10:34 AM

ADVANCED ENZYME TECHNOLOGIES share price is trading up by 5% and its current market price is Rs 220. The BSE HEALTHCARE is up by 2.0%. The top gainers in the BSE HEALTHCARE Index are ADVANCED ENZYME TECHNOLOGIES (up 5.3%) and LUPIN (up 8.2%). The top losers are ASTRAZENECA PHARMA (down 0.2%) and PIRAMAL ENTERPRISES (down 0.3%).

RAIL VIKAS NIGAM Share Price Up by 11%; BSE CAPITAL GOODS Index Up 0.8% (Today's Market)

Aug 14, 2020 10:26 AM

RAIL VIKAS NIGAM share price is trading up by 11% and its current market price is Rs 22. The BSE CAPITAL GOODS is up by 0.8%. The top gainers in the BSE CAPITAL GOODS Index is RAIL VIKAS NIGAM (up 11.0%). The top losers are AIA ENGINEERING (down 0.2%) and LAKSHMI MACHINE (down 0.5%).

RAIL VIKAS NIGAM Share Price Up by 7%; BSE CAPITAL GOODS Index Up 0.7% (Today's Market)

Aug 14, 2020 10:20 AM

RAIL VIKAS NIGAM share price is trading up by 7% and its current market price is Rs 21. The BSE CAPITAL GOODS is up by 0.7%. The top gainers in the BSE CAPITAL GOODS Index is RAIL VIKAS NIGAM (up 7.0%). The top losers are AIA ENGINEERING (down 0.2%) and HAVELLS IND (down 0.2%).

PHOENIX MILL Share Price Up by 5%; BSE REALTY Index Up 1.0% (Today's Market)

Aug 14, 2020 10:12 AM

PHOENIX MILL share price is trading up by 5% and its current market price is Rs 636. The BSE REALTY is up by 1.0%. The top gainers in the BSE REALTY Index are PHOENIX MILL (up 5.1%) and MAHINDRA LIFESPACE (up 15.0%). The top losers are DLF (down 0.1%) and GODREJ PROPERTIES (down 0.1%).

APL APOLLO TUBES Share Price Up by 5%; BSE CAPITAL GOODS Index Up 1.2% (Today's Market)

Aug 14, 2020 10:12 AM

APL APOLLO TUBES share price is trading up by 5% and its current market price is Rs 2,225. The BSE CAPITAL GOODS is up by 1.2%. The top gainers in the BSE CAPITAL GOODS Index is APL APOLLO TUBES (up 5.3%). The top losers are AIA ENGINEERING (down 0.2%) and HAVELLS IND (down 0.4%).

SGX Nifty Trades 12 Points Higher; Indicates Flat Opening for Indian Stock Markets (Today's Market)

Aug 14, 2020 SGX Nifty

Trends on SGX Nifty indicate a flattish opening for Indian stock markets.

View More Indian Share Market News

Most Popular

Large Opportunities Are Coming Our Way

Aug 5, 2020

Kenneth Andrade tells us why stocks will bounce back strongly and what he's bullish on.

Is It Time to Book Profits in Gold and Silver?(Fast Profits Daily)

Aug 10, 2020

Gold and silver have delivered phenomenal returns this year. Is it time to take some money of the table?

Forget the Nifty and Sensex for the Next 1 or 2 Years and Focus on These Stocks(Profit Hunter)

Aug 6, 2020

Stocks from the essential small cap space are likely to be outperformers over the next 1 or 2 years.

3 Stocks to Ride the Big Rebound in Smallcaps(Profit Hunter)

Aug 11, 2020

The rebound ratio suggests that smallcaps are set for big gains but this time it will be limited to a few stocks. Make sure you choose wisely.

Governance: for the country and your portfolio.(The Honest Truth)

Aug 14, 2020

Ajit Dayal on the need of socially responsible governance.

More

Covid-19 Proof
Multibagger Stocks

Covid19 Proof Multibaggers
Get this special report, authored by Equitymaster's top analysts now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Aug 14, 2020 11:13 AM

MARKET STATS