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Bears dominate Dalal Street
Sep-19-2019

Bears were dominating Dalal Street in late afternoon session, despite firm cues from European markets. Domestic sentiments remained downbeat, as tax collection missed target by a wide margin. As against a steep 17.5 percent higher tax collection budgeted for the full year, the government could mop-up only 4.7 percent more so far this year, with the direct tax kitty growing to Rs 5.50 lakh crore as of September 17, up from Rs 5.25 lakh crore a year-ago. The street paid no heed towards reports that the government decided to set up an 11-member panel. The latest decision is in line with the government's objective of promoting ease of doing business for law abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of companies in the country.

On the global front, European markets were trading in green, despite Switzerland's exports declined for the second straight month, while imports grew in August. The data from the Federal Customs Administration showed that exports decreased by real 4.4 percent month-on-month in August, following a revised 1.2 percent fall in July. Imports rose 1.0 percent in August, after remaining unchanged in the previous month, following revision. However, Asian markets were trading mixed.

The BSE Sensex is currently trading at 36088.39, down by 475.49 points or 1.30% after trading in a range of 36064.82 and 36613.93. There were 4 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.18%, while Small cap index was down by 1.43%.

The lone gaining sectoral index on the BSE was Telecom up by 0.32%, while Metal down by 2.20%, Oil & Gas down by 1.87%, Basic Materials down by 1.86%, Energy down by 1.83% and Bankex down by 1.67% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Motors up by 2.13%, Bharti Airtel up by 0.83%, Tata Motors - DVR up by 0.71% and Asian Paints up by 0.65%. On the flip side, Yes Bank down by 13.88%, Tata Steel down by 3.81%, Indusind Bank down by 3.10%, ICICI Bank down by 2.98% and Vedanta down by 2.98% were the top losers.

Meanwhile, the domestic air passenger count surged 3.87% in the month of August 2019. According to the Directorate General of Civil Aviation (DGCA) data, domestic airlines flew 117.93 lakh passengers in August 2019, as against 113.54 lakh passengers carried in the same month of last year. Further, passengers carried by domestic airlines during January-August 2019 were 943.58 lakh as against 913.95 lakh during the corresponding period of previous year, registering a growth of 3.24%

In terms of passenger load factor (PLF), SpiceJet was leading among all with 92.4% PLF during the month of August 2019, followed by Air Asia (87.8%), Go Air (87.5%), IndiGo (84.3%) and Vistara (81.8%). Further, the overall cancellation rate of scheduled domestic airlines for the month of August 2019 has been 1.61%.

In terms of on time performance (OTP), Go Air has taken lead from the rest with 85.1% of its flights arriving and departing as per schedule from four metro airports, Mumbai, Delhi, Hyderabad and Bengaluru, followed by Air Asia (82.7%) and IndiGo (80.3%). During August 2019, a total of 760 passenger related complaints had been received by the scheduled domestic airlines. The number of complaints per 10,000 passengers carried for the month of August 2019 has been around 0.64.

The CNX Nifty is currently trading at 10697.60, down by 143.05 points or 1.32% after trading in a range of 10688.35 and 10845.20. There were 5 stocks advancing against 45 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 2.18%, Bharti Airtel up by 0.79%, Asian Paints up by 0.66%, Britannia up by 0.40% and Coal India up by 0.39%. On the flip side, Yes Bank down by 14.04%, Zee Entertainment down by 7.69%, Indiabulls Housing Finance down by 7.38%, Tata Steel down by 3.98% and Indusind Bank down by 3.28% were the top losers.

Asian markets were trading mixed; Nikkei 225 surged 83.74 points or 0.38% to 22,044.45, KOSPI rose 9.62 points or 0.46% to 2,080.35, Shanghai Composite gained 6.75 points or 0.23% to 2,992.41 and Straits Times was up by 3.10 points or 0.1% to 3,169.94. On the flip side, Jakarta Composite lost 24.76 points or 0.39% to 6,251.87, Taiwan Weighted dropped 34.75 points or 0.32% to 10,894.70 and Hang Seng was down by 363.51 points or 1.36% to 26,390.61.

All European markets were trading in green; FTSE gained 22.68 points or 0.31% to 7,336.73, CAC rose 36.61 points or 0.65% to 5,657.26 and DAX was up by 49.64 points or 0.40% to 12,439.26.
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