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Sensex Trades Marginally Higher; Yes Bank & Tata Motors Top Gainers
Mon, 19 Nov 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a positive note. Sectoral indices are trading on a positive note with stocks in the realty sector and metal sector witnessing maximum buying interest while oil & gas stocks are witnessing selling pressure.

The BSE Sensex is trading up by 141 points (up 0.4%), while the NSE Nifty is trading up by 33 points (up 0.3%). The BSE Mid Cap index is trading up 0.4%, while the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at Rs 71.89 against the US$.

In the news from the aviation space, Jet Airways share price is witnessing selling pressure today. Reportedly, Tata Sons on Friday clarified that discussions with Jet Airways have been preliminary and no proposal has been made.

Note that last month reports stated that Jet Airways 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.

The company had 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.

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.

It would be interesting to see how the above proposed acquisition deal finalizes. Meanwhile, we will keep you updated on all the developments from this space.

In the news from the banking space, Yes bank share price is in focus today as a search panel entrusted with finding Rana Kapoor's successor to lead the bank has shortlisted multiple names, including those serving foreign as well as domestic lenders.

The stock also gained as rating agency ICRA retained its long-term rating of 'ICRA AA+' for the bank.

Yes bank share price is trading up by 5.8%.

Moving on to the news from the commodity space, crude oil was witnessing buying interest today as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.

Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world's two biggest economies, US and China.

The Organization of the Petroleum Exporting Countries (OPEC), de-facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day of supply to adjust for a slowdown in demand growth and prevent oversupply.

Speaking of crude oil, India's crude oil production was lower by 4.2% in September 2018 as compared to last year, as can be seen from the chart below.

India's Increasing Crude Oil Demand Supply Gap

The worrying factor is this was the lowest production this year.

Here's what Tanushree Banerjee wrote about it in one of the recent editions of The 5 Minute WrapUp...

  • Comparing domestic production with the crude oil processed by refineries gives an idea of the demand supply gap. Low domestic production as compared to the demand for crude oil places a huge burden on India's import bill.

    Rising crude oil prices could have severe implications. Rising inflation. Rising interest rates. Pressure on the government to cut excise duty, thereby impacting its revenues.

    We have seen some of this play out. With elections around the corner, expect a lot of subsidies on fuel prices. This is bound to worsen India's fiscal deficit further.

It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.

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Stock Market Updates

INFO EDGE Surges by 5%; BSE IT Index Up 1.6% (Today's Market)

Dec 11, 2018 02:41 PM

INFO EDGE share price has surged by 5% and its current market price is Rs 1,515. The BSE IT is up by 1.6%. The top gainers in the BSE IT Index is INFO EDGE (up 5.0%).

BATA INDIA Surges by 5%; BSE FMCG Index Up 1.7% (Today's Market)

Dec 11, 2018 02:41 PM

BATA INDIA share price has surged by 5% and its current market price is Rs 1,072. The BSE FMCG is up by 1.7%. The top gainers in the BSE FMCG Index is BATA INDIA (up 5.3%). The top losers is TATA COFFEE (down 0.2%).

AJANTA PHARMA Surges by 6%; BSE HEALTHCARE Index Up 2.0% (Today's Market)

Dec 11, 2018 02:39 PM

AJANTA PHARMA share price has surged by 6% and its current market price is Rs 1,077. The BSE HEALTHCARE is up by 2.0%. The top gainers in the BSE HEALTHCARE Index are AJANTA PHARMA (up 5.6%) and SUN PHARMA (up 5.5%). The top losers are DR. LAL PATHLABS LTD (down 0.3%) and THYROCARE TECHNOLOGIES (down 0.4%).

PNB Surges by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

Dec 11, 2018 01:55 PM

PNB share price has surged by 5% and its current market price is Rs 68. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index are PNB (up 5.3%) and YES BANK (up 6.1%). The top losers are KOTAK MAH. BANK and INDUSIND BANK (down 0.7%).

QUESS CORP. LTD Surges by 10%; BSE IT Index Up 1.5% (Today's Market)

Dec 11, 2018 01:25 PM

QUESS CORP. LTD share price has surged by 10% and its current market price is Rs 668. The BSE IT is up by 1.5%. The top gainers in the BSE IT Index is QUESS CORP. LTD (up 10.1%). The top losers are ECLERX SERVICES and CYIENT LTD (down 0.7%).

Sensex Opens 450 Points Down; All Eyes on State Election Results & Urjit Patel's Resignation (Today's Market)

Dec 11, 2018 09:30 am

Indian share markets fall in the opening session with Sensex down by 440 points, while the Nifty is trading down by 115 points.

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Dec 11, 2018 03:03 PM