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Sensex Slips Over 300 Points; Axis Bank & Tech Mahindra Top Losers
Tue, 17 Sep 12:30 pm | Monish Vora, TM Team

Share markets in India have extended early losses and are presently trading deep in the red. Barring consumer durables sector, all sectoral indices are trading in red with stocks in the telecom sector, automobile sector, and IT sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 304 points (down 0.8%), while the NSE Nifty is trading down by 86 points (down 0.8%). The BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading down by 0.3%.

The rupee is trading at Rs 71.80 against the US$.

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The domestic currency extended its fall against the US dollar as higher oil prices stoked concerns about inflation, economic growth and deficits.

On Monday, the Indian rupee had plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia's oil facilities.

In news from the retail sector, Titan share price is in focus today. Shares of the company rose as much as 1.5% in early trade today after reports stated that the firm is planning to raise Rs 9 billion through commercial paper.

Earlier this month, credit rating agency ICRA had assigned positive ratings to Titan's commercial paper (CP) programme. ICRA gave A1+ ratings to the company's Rs 9-billion commercial paper.

Fund-based and non-fund based limits of Rs 17 billion under the CP programme were assigned AA+ (positive) and A1+ (outstanding) ratings by the credit ratings agency.

The firm's fixed deposit programme worth Rs 15 billion also received outstanding ratings from ICRA. ICRA cited strong liquidity position and cash flows of the firm behind the positive ratings.

Buying interest is also seen as global research firm Morgan Stanley upgraded the stock to overweight from equal weight. The research firm has raised FY20, FY21 and FY22 EPS estimates by 3%, 2% and 1% respectively.

To know more about the company, you can read Titan's latest result analysis on our website.

Here's an interesting data on Titan, every Rs 100 invested in the company in 2002 would have multiplied 330 times by 2019!

Every Rs 100 Invested in Titan in 2002 Multiplied 330 Times by 2019

Co-head of Research, Tanushree Banerjee believes the opportunities in the Rebirth of India are not only more profitable than the ones in 2002 but the gains could come faster too.

Here's what she wrote in a recent edition of The 5 Minute WrapUp...

  • Titan entered the branded jewellery market in 1996.

    The retailer faced the challenge of breaching a well-entrenched network of family jewellers. The relationship between customer and family jewellers went back to a couple of generations.

    The habit of buying from the family jeweller was strong and the trust was intrinsic. One also had the option of returning old jewellery to the family jeweler.

    Through its jewellery brand, Tanishq, Titan broke down the early entry barriers in unorganized jewellery retailing. It consolidated its lead as very few national or branded players threw their hats in the ring.

She is on the hunt for the next set of Titan, HDFC Bank, Bajaj Finance, Asian Paints-like companies. These will be the companies that would catalyze the transformation she calls the Rebirth of India.

Moving on to news from the aviation space, market participants are tracking InterGlobe Aviation (Indigo) share price and SpiceJet share price.

Shares of the companies fell up to 5% yesterday following a spike in crude oil prices overseas. Reports state that a rally in crude oil prices may increase air turbine fuel (ATF) cost for domestic airlines.

In other news, lenders to the debt-laden Jet Airways on Monday, made a presentation to the South American conglomerate Synergy Group, which has reportedly emerged as sole potential buyer of the airline.

Jet Airways had earlier received expressions of interest (EoIs) from energy baron Anil Agarwal's family trust-backed Volcan Investments, Russian Fund Treasury RA Partners and the Panama-based Avantulo Group.

However, Volcan opted out of the race a day after publicly announcing its interest in the carrier.

Reports state that Jet owes over Rs 85 billion, excluding interest and other penal charges to lenders led by State Bank of India (SBI).

The lenders consortium had sent the airline to the NCLT in the month of June as they could not find a buyer. Following this, the bankruptcy tribunal appointed Ashish Chhawchharia of Grant Thornton as the resolution professional to manage the affairs of the crippled airline.

Jet Airways has liabilities over Rs 360 billion, including over Rs 100 billion in vendor dues, Rs 85 billion along with interest owed to lenders, over Rs 30 billion in salary dues, and more than Rs 135 billion in accumulated losses over the past three years.

Jet Airways share price is presently trading down by 0.8%.

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

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Stock Market Updates

ENGINEERS INDIA Plunges by 5%; BSE CAPITAL GOODS Index Down 0.2% (Today's Market)

Oct 14, 2019 03:32 PM

ENGINEERS INDIA share price has plunged by 5% and its current market price is Rs 112. The BSE CAPITAL GOODS is down by 0.2%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 3.6%) and SUZLON ENERGY (up 3.0%). The top losers is ENGINEERS INDIA (down 5.0%).

INDIA TOURISM DEV. Surges by 11%; BSE 500 Index Up 0.2% (Today's Market)

Oct 14, 2019 03:26 PM

INDIA TOURISM DEV. share price has surged by 11% and its current market price is Rs 269. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index is INDIA TOURISM DEV. (up 11.2%). The top losers are GODREJ CONSUMER and TTK PRESTIGE .

REPCO HOME Plunges by 6%; BSE 500 Index Up 0.6% (Today's Market)

Oct 14, 2019 03:10 PM

REPCO HOME share price has plunged by 6% and its current market price is Rs 300. The BSE 500 is up by 0.6%. The top gainers in the BSE 500 Index are PC JEWELLER (up 9.5%) and MOTILAL OSWAL (up 8.9%). The top losers are REPCO HOME (down 6.2%) and PNB HOUSING FINANCE LTD (down 5.7%).

RELIANCE CAPITAL Plunges by 10%; BSE 500 Index Up 0.7% (Today's Market)

Oct 14, 2019 02:58 PM

RELIANCE CAPITAL share price has plunged by 10% and its current market price is Rs 17. The BSE 500 is up by 0.7%. The top gainers in the BSE 500 Index are PC JEWELLER (up 11.2%) and INDIA TOURISM DEV. (up 8.9%). The top losers is RELIANCE CAPITAL (down 10.0%).

BAJAJ CONSUMER CARE Plunges by 5%; BSE FMCG Index Up 0.4% (Today's Market)

Oct 14, 2019 01:54 PM

BAJAJ CONSUMER CARE share price has plunged by 5% and its current market price is Rs 243. The BSE FMCG is up by 0.4%. The top gainers in the BSE FMCG Index are P&G HYGIENE (up 3.1%) and GODFREY PHILLIPS (up 2.3%). The top losers is BAJAJ CONSUMER CARE (down 5.1%).

Indian Indices Extend Gains; Tata Motors & ONGC Climb 5% (Today's Market)

Oct 14, 2019 12:30 pm

The BSE Sensex is trading up by 218 points, while the NSE Nifty is trading up by 57 points.

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