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Sensex Ends 118 Points Higher; Realty and Banking Stocks Witness Buying
Thu, 15 Nov Closing | Monish Vora, TM Team

Indian share markets continued to trade on a positive note during closing hours of trade and ended the day marginally higher. Gains were largely seen in the realty sector, consumer durables sector and banking sector, while telecom stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 118 points (up 0.3%) and the NSE Nifty closed higher by 40 points (up 0.4%). The BSE Mid Cap index ended the day up by 0.7%, while the BSE Small Cap index stood flat.

Asian stock markets finished on a mixed note as of the most recent closing prices. The Hang Seng stood up by 1.7% and the Nikkei was trading down by 0.2%. The Shanghai Composite stood higher by 1.3%.

European markets were trading on a negative note. The FTSE 100 was down by 0.07%. The DAX was down by 0.22% while the CAC 40 was down by 0.54%.

The rupee was trading at 72.13 to the US$ at the time of writing.

In the news from aviation sector, Jet Airways share price was in focus today on reports that Tata Sons Chairman N Chandrasekaran is expected to present a business viability plan to the board on the proposed acquisition of the struggling Jet Airways.

Share price of the company climbed up as much as 24% on the NSE today - it's biggest intraday move in around 3 years - on the back of above news.

Note that last month reports stated that Jet Airways is trimming its workforce and operations further as it struggles through its financial crisis.

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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.

The company has also 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, Jet Airways chairman said a new committee would be set up to improve public perception.

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.

From the pharma space, market participants were tracking Lupin share price. The stock of the company witnessed buying interest after it reported it has received approval from the US health regulator United States Food and Drug Administration (USFDA) to market Decitabine for injection, used for the treatment of myelodysplastic syndromes (MDS).

From the results corner, PC Jeweller reported a 37.7% fall in standalone net profit at Rs 937 million for the quarter ended September 2018.

Shares of Grasim Industries were also witnessing selling pressure as the company reported a consolidated net loss of Rs 13 billion for the September quarter on the back of an exceptional item related to the merger of Vodafone with Idea Cellular.

Speaking of quarterly results, you can check our recently released Q2FY19 result analysis of the following companies: Sun Pharma, Jet Airways, Ashok Leyland, Axis bank, Titan company and more.

Also, it's interesting to note that there is typically a big contrast between quarterly and annual earnings performance of companies and the extent to which they find favour among investors.

Over the last two months, for instance, stocks of companies that showed earnings recovery in September quarter, were as beaten down from 52-week highs as the stocks that underperformed in earnings.

Follow the Quarterly Result Investing Herd at Your Own Risk

Beware of following such herds.

Instead, stick to the best safe stocks in the market.

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!

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