Markets to see some recovery after last session’s big fall

14 Oct 2016 Evaluate

The Indian markets suffered sharp selling pressure and the major averages lost over one and half a percent reeling under global turmoil in last session. Today, the start is likely to be in green and some recovery can be expected after the sharp fall of last session. Traders will be getting some support with retail or CPI inflation hitting a 13-month low, aided by lower food prices especially those of vegetables. This is the first time in this financial year that the overall CPI-based inflation has fallen below the Reserve Bank of India’s inflation target of 5 per cent by March 2017. Also, there are reports that government may seek parliamentary approval to spend about $7.5 billion more on roads, railways and other public programmes over the next five months. Meanwhile, Finance Minister Arun Jaitley has blamed the successive governments' inability to bring in reforms in the infrastructure and power sectors for the rising non-performing assets in the core segments.The IT sector will keep buzzing, as TCS-India’s biggest infotech company in terms of revenue, profits and market value, reported near flat 8.44 per cent rise in second quarter profits at Rs 6,586 crore as against Rs 6,073 crore in the quarter ended September 2015 as growing uncertainties in the environment led to "holdbacks in discretionary spending" by customers.

The US markets despite recovering from the day’s low ended in red in the last session. Concern about the global economy contributed to the early weakness, while value buying at reduced levels after the drop helped the bourses in some recovery. The Asian markets have made mostly a green start and the oversold Hong Kong market was showing some recovery after data showed inflation in China beat expectations, boosting optimism about the strength of the world’s second-largest economy.

Back home, sentiments in the local markets worsened as lack of significant upside triggers on the domestic front and discouraging developments from the global front continue to dissuade investors from Indian equities. The session was marred by panic selling in equity bourses across the globe after China’s steel exports declined unexpectedly and the minutes of US Federal Reserve Open Market Committee indicated a strengthening case for a rate hike. On the domestic front, sentiments remained dismal on the report that Industrial production contracted once again for the month of August. IIP dipped 0.7 percent in August, due to a slump in manufacturing and mining, in the manufacturing space, capital goods brought about the maximum fall. Markets participants remained on the sidelines and refrained from any buying activity ahead of monthly inflation data based on consumer price index (CPI) for September due later in the day and wholesale price index (WPI) due on Friday. Besides, the proposed investigation of investment through P-Notes and weakness in the rupee against the dollar too dampened sentiment. Further, special investigation team (SIT) on black money asked the SEBI to furnish the details of all those investing through participatory notes (P-Notes). This is the first time the government-constituted body has sought such massive amount of data, which includes the list of beneficial owners and transfer trials of investors taking the P-Note route to invest in domestic equity and debt markets. Investors failed to draw any sense of relief with the report that the government’s revenue collection in April to September -- the first half of the current fiscal -- saw indirect tax-mop up growing at an impressive 26 percent. The total direct and indirect tax collections at the end of September stood at Rs 7.35 lakh crore, almost half the Rs 16.26 lakh crore target for 2016-17. Finally, the BSE Sensex declined by 439.23 points or 1.56% to 27643.11, while the CNX Nifty dropped 135.45 points or 1.56% to 8,573.35.

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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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SEBI Registration Number:	INA000013323 Validity - May 16, 2019 - Perpetual
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Compliance Officer:

Name: Shrikant Jagtap

Email: shrikant.jagtap@moneyworks4me.com

Mobile No: +91 97638 00745

Grievance Officer:

Name: Mukta Vaze

Email: mukta.vaze@moneyworks4me.com

Mobile No:+91 98609 19463

Principal Officer:

Name: Atharva Bhide

Email: atharva.bhide@moneyworks4me.com

Mobile No:+91 91758 99463

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Plot No. C 4-A , G Block, Near Bank of India, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051

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