Indian Indices Continue Momentum; Banking and Power Stocks Witness Buying

Mon, 22 Oct 12:30 pm

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Stock markets in India are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks in the power sector and banking sector witnessing maximum buying interest. Energy stocks are trading in the red.

The BSE Sensex is trading up 163 points (up 0.5%) and the NSE Nifty is trading up 46 points (up 0.5%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading down by 0.8%.

The rupee is trading at 73.31 to the US dollar.

Market participants are tracking Kansai Nerolac share price, Asian Paints share price, Hindustan Zinc share price, GSK Pharma share price, and Oberoi Realty share price as these are among the companies that are set to announce their quarterly results today.

Small cap stocks are witnessing selling pressure today with the BSE Small Cap index trading down by 0.9% at the time of writing.

Speaking of small cap stocks, the last time indices touched multi-year low valuations was in February 2016. Of course, there are select small caps that have far outstripped the BSE Smallcap index returns since then. But overall, taking an excessive exposure to smallcaps, even at their cheapest valuations, hasn't paid off significantly. This is evident from the chart below:

Over Exposure to Smallcaps Does Not Pay Off Even at the Cheapest Valuations

Overexposure to smallcaps during this time could have been the biggest blunder.

Rather, investors who chose a good mix of large and smallcaps were better off.

In the news from airlines sector, Jet Airways share price is in focus today. The stock of the company is witnessing selling pressure after reports stated that the firm is trimming its workforce and operations further as it struggles through its financial crisis.

As per a leading financial daily, at least 15 people at manager or general manager level in departments such as engineering, security and sales have been asked to leave in October. It is also reported that the airline has grounded eight of its planes at the Mumbai and Chennai airports.

Note that earlier this month, the company deferred announcing the June quarter numbers to an unspecified late date.

Amid rising concerns over the airline's financial health and proposed salary reductions for employees, the Jet Airways chairman said a new committee would be set up to improve public perception and negative publicity about it.

Later, the company reported a whopping Rs 13.2 billion of net losses for the June quarter due to higher fuel cost, falling rupee and low fares. The company said it will monetize loyalty programme JetPrivilege and wet-lease some of its small aircraft to mobilise urgent working capital.

This was the second straight quarter of losses for the Naresh Goyal-run airline, which had last month publicly admitted to cash-flow issues. The airline had booked net profit of Rs 535 million in the year-ago period, while in the March quarter it had reported net losses of Rs 10.4 billion.

The airline said its fuel cost soared 53% to Rs 23.3 billion in the quarter, while low fares had revenue inching up to Rs 60.7 billion from Rs 59.5 billion.

On a consolidated basis, the net loss stood at Rs 13.3 billion, against a net profit of Rs 580 million a year ago.

The second back-to-back quarterly loss has forced Jet Airways, which delayed the result announcement on August 9 indefinitely, to announce a turnaround plan which includes a capital infusion by selling a stake in JetPrivilege, and a massive cost-cutting to save around Rs 20-billion over the next two years.

To know more about the company, you can access to Jet Airways' latest result analysis and Jet Airways' 2017-18 Annual Report Analysis on our website.

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