Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.6% while the Hang Seng is down 0.5%. The Shanghai Composite is trading down by 0.1%. Meanwhile, the S&P 500 and Dow ended down slightly on Thursday as gains in Apple and Amazon were offset by losses in energy and financial shares.
Back home, India share markets have opened the day on a lower note. The BSE Sensex is trading down by 75 points while the NSE Nifty is trading down by 23 points. The BSE Mid Cap index opened and BSE Small Cap index both opened the day up by 0.1%.
The rupee is currently trading at 68.62 to the US$.
Sectoral indices have opened the in on a mixed note with realty stocks and automobile stocks witnessing maximum buying interest. While, bank stocks and PSU stocks have opened the day in the red.
In the news from the aviation sector. Jet Airways share price plunged over 8% in the opening session after it was reported that the company has deferred announcing the June quarter numbers to an unspecified late date.
Reportedly, the audit committee did not recommend financial results to the board for its approval, pending closure of certain matters.
Notably, the Jet counter has slumped over 12% since July 2, it touched a 52-week low of Rs 287. From its 52-week high of Rs 883.7 on 5 January 2018, the counter tumbled over 68% to hit a one-year low of Rs 278. 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.
In such an environment, it makes sense for investors to be selective while buying stocks. Focus on value and the underlying fundamentals of the business. Then, they need not worry about the market.
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