Sensex Ends 370 Points Higher; Consumer Durables And Banking Stocks Witness Buying

Indian share markets traded on a positive note throughout the day and ended their trading session on a strong note. Gains were largely seen in the banking sectorconsumer durables sector and telecom sector, while realty stockswitnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 370 points (up 1%) and the NSE Nifty closed higher by 97 points (up 0.8%). The BSE Mid Cap index ended the day up 0.1% and the BSE Small Cap index ended the day up by 0.4%.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 1.1% and the Shanghai Composite was up by 2.4%. The Nikkei 225 was up 0.2%.

The rupee was trading at 69.62 against the US$.

In the news from the aviation space, Jet Airways share price was in focus today after reports suggested the airline may shut down its operations temporarily. Reports also suggested that founder Naresh Goyal has withdrawn from the bidding process.

Shares of the company fell around 19% today on back of the above news.

It was reported earlier that Jet Airways was headed towards a total grounding and a decision could be taken as early as Tuesday after a meeting of its board of directors.

Meanwhile, SpiceJet share price and IndiGo share price gained as much as 13% on the expectation of higher yield due to the capacity reduction of Jet Airways.

SpiceJet and IndiGo will add close to 50 aircraft over the next few months to fill up the capacity shortage caused by the crisis in Jet Airways as well as the grounding of Boeing 737 Max planes.

Buying interest was also seen as SpiceJet said it will add five 90-seater Q400 aircraft taking its Bombardier fleet size to 32. Three of these planes will join SpiceJet's fleet in the next 10 days while the remaining two will be inducted by June.

In the past one week, SpiceJet and IndiGo have gained 33% & 8% while Jet Airways was down 6% during the period.

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