Indian Indices Open On A Positive Note; Metal & Healthcare Stocks Lead

Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.1% while the Hang Seng is up 0.2%. The Nikkei 225 is trading up by 0.7%.

Back home, India share markets have opened the day on a positive note. Sectoral indices have opened the day in green with metal stocks and healthcare stocks witnessing maximum buying interest.

The BSE Sensex is trading up by 216 points while the NSE Nifty is trading up by 60 points. The BSE Mid Cap index opened the day up by 0.4% while BSE Small Cap index opened up by 0.3%.

The rupee is currently trading at Rs 71.76 against the US$.

In the news from the aviation space, Jet Airways is in focus today as the company's former CEO, Nikos Kardassis has parted ways with the cash-strapped airline.

Nikos Kardassis was roped-in to revive the fortunes of the full-service carrier following its dismal financial performance since January this year.

Amid persisting financial turbulence, the airline has been implementing a turnaround plan, which includes both cost-saving and revenue enhancement.

With three back-to-back quarterly losses and a net debt of Rs 80.5 billion as on September 30, the airline is also working on ways to raise funds and reduce costs.

In another development, country's largest lender SBI has ordered for a "forensic" audit of Jet Airways books between April 2014 and March 2018 for alleged financial irregularities.

At the same time, credit rating agency ICRA has downgraded Jet Airways' long-term rating to "C" from "B" on account of delays in the implementation of the proposed fund-raising initiatives and consequently aggravating further its liquidity.

Earlier this month, Etihad Airways offered to finance as much as US$ 200 million to Jet Airways to keep the airline operational.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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