Sensex Trades Lower; Reliance Industries & Yes Bank Top Losers
Sensex Trades Lower
Share markets in India are presently trading on a negative note. Barring IT sector, all sectoral indices are trading in red with realty stocks, banking stocks and energy stocks witnessing maximum selling pressure.
The BSE Sensex is trading down by 276 points (down 0.7%), while the NSE Nifty is trading down by 93 points (down 0.8%). The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 0.8%.
The rupee is trading at Rs 69.71 against the US$.
Market participants are tracking Swaraj Engines share price, Mahindra Lifespace share price, and Goa Carbon share price as these companies are set to announce their Q4FY19 results later today.
You can also read our recently released Q4FY19 results: Reliance Industries, Tata Sponge, DCB Bank.
In the news from the aviation space, shares of Jet Airways continued their downtrend by slipping around 19% in early trade today. The free fall began last Friday after the company announced temporary suspension of flight operations as lenders turned down the airline's request for emergency funding.
Last week, the consortium of Indian lenders, led by the State Bank of India (SBI), informed Jet Airways that they were unable to consider its request for critical interim funding.
In past one week, the company's Independent Director Rajshree Pathy, and Non-Executive Non-Independent Director Nasim Zaidi have submitted their resignations "due to personal reasons and constraints of time".
Reports also state that, the Tata group may revive an attempt to buy the cash-strapped airline if lenders to the grounded airline fail to find a buyer and are forced to drag the carrier to a bankruptcy court.
Last year, the Tata group withdrew from talks to buy the debt-laden airline after Naresh Goyal was unwilling to cede control and had opened parallel negotiations with existing investor Etihad Airways PJSC of Abu Dhabi for a potential equity infusion.
Note that, Jet Airways used to be a frontrunner once. What went wrong?
Well, one of the many reasons was the challenge from the entry of budget carriers. This led to dropping of fares by Jet Airways. Some tickets were sold even below the breakeven cost.
Then, provincial taxes of as much as 30% on jet fuel were added to its expenses. Further, the rise in oil prices was a death blow to their earnings.
Share markets in India are presently trading on a negative note. Barring IT sector, all sectoral indices are trading in red with realty stocks, banking stocks and energy stocks witnessing maximum selling pressure.
The BSE Sensex is trading down by 276 points (down 0.7%), while the NSE Nifty is trading down by 93 points (down 0.8%). The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 0.8%.
The rupee is trading at Rs 69.71 against the US$.
Market participants are tracking Swaraj Engines share price, Mahindra Lifespace share price, and Goa Carbon share price as these companies are set to announce their Q4FY19 results later today.
You can also read our recently released Q4FY19 results: Reliance Industries, Tata Sponge, DCB Bank.
In the news from the aviation space, shares of Jet Airways continued their downtrend by slipping around 19% in early trade today. The free fall began last Friday after the company announced temporary suspension of flight operations as lenders turned down the airline's request for emergency funding.
Last week, the consortium of Indian lenders, led by the State Bank of India (SBI), informed Jet Airways that they were unable to consider its request for critical interim funding.
In past one week, the company's Independent Director Rajshree Pathy, and Non-Executive Non-Independent Director Nasim Zaidi have submitted their resignations "due to personal reasons and constraints of time".
Reports also state that, the Tata group may revive an attempt to buy the cash-strapped airline if lenders to the grounded airline fail to find a buyer and are forced to drag the carrier to a bankruptcy court.
Last year, the Tata group withdrew from talks to buy the debt-laden airline after Naresh Goyal was unwilling to cede control and had opened parallel negotiations with existing investor Etihad Airways PJSC of Abu Dhabi for a potential equity infusion.
Note that, Jet Airways used to be a frontrunner once. What went wrong?
Well, one of the many reasons was the challenge from the entry of budget carriers. This led to dropping of fares by Jet Airways. Some tickets were sold even below the breakeven cost.
Then, provincial taxes of as much as 30% on jet fuel were added to its expenses. Further, the rise in oil prices was a death blow to their earnings.
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