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Business News/ Markets / Stock Markets/  Stock market today: Why SpiceJet share price shot up 13% today — explained
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Stock market today: Why SpiceJet share price shot up 13% today — explained

Stock market today: SpiceJet share price today opened upside and went on to touch an intraday high of ₹71.90 apiece on NSE

Stock market today: Spicejet share price is rising after the release of encouraging DGCA data for January 2024, say experts.Premium
Stock market today: Spicejet share price is rising after the release of encouraging DGCA data for January 2024, say experts.

Stock market today: Amid the bull trend in the Indian stock market, SpiceJet shares witnessed strong buying interest during Friday deals. SpiceJet share price today opened upside and went on to touch an intraday high of 71.90 apiece, logging around 13 percent intraday rise against its Thursday close of 63.63 apiece on NSE. While climbing to the intraday high, the aviation company's stock came close to its existing 52-week high of 77.50 that it had achieved on 5th February 2024.

According to stock market experts, the DGCA (Directorate General of Civil Aviation) has released the January 2024 data in which it has reported that the low-cost carrier has managed to hold on to its market share in January 2024. 

Also Read: Small is Big: 18 SME IPOs in 2024 saw subscriptions between 100 and 960 times

The DGCA data shows that SpiceJet has managed to hold on to its market share at 5.6 percent in January 2024. The DGCA data also reported that passenger traffic surged by 4.7 percent in January 2024.

DGCA data in focus

Speaking on the reason for the rise in SpiceJet shares, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "The aviation stock is rising after the release of DGCA January data. In this data, SpiceJet has been reported holding on to its market share of 5.6 percent and the market is expecting benefits for the listing aviation company after DGCA reports a 4.7 percent rise in the number of flight passengers in January 2024."

Also Read: Five stocks set to benefit from the 2024 elections 

Gorakshkar said that the trigger is for the short term, and profit-booking on higher levels may trigger if there is no rebound after the current retracement from intraday's high.

SpiceJet share price target

On the outlook of SpiceJet shares, Sumeet Bagadia, Executive Director at Choice Broking said, "SpiceJet shares are currently trading in the 60 to 75 per share range. the aviation stock may become highly bullish on breaching the upper hurdle of the current range whereas it may go further down if it breaches the lower support of its current range. So, a bullish or bearish trend can be assumed on the breakage of either side of the current range. SpiceJet shareholders are advised to hold the scrip maintaining stop loss below 60."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 16 Feb 2024, 01:05 PM IST
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