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Firm trade persists over Dalal Street

09 Apr 2020 Evaluate

Firm trade continued over the Dalal Street in late morning deals, with Sensex and Nifty gaining over 3% each. Traders were getting comfort, after Commerce and Industry Minister Piyush Goyal assured that the ministry will make efforts for release of 'urgent and important' export orders which are stuck for some reasons. He said the ministry is working aggressively to revitalize exports, and looking for export opportunities to expand. The street paid no heed towards UN report stating that India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, warning that the COVID-19 pandemic is expected to result in significant adverse economic impacts globally.

On the global front, Asian markets were trading in green, after Taiwan's consumer prices declined unexpectedly in March, mainly due to the fall in prices of fuels and lubricants. The data from the Directorate-General of Budget, Accounting and Statistics showed that the consumer price index fell 0.01 percent year-on-year in March, following a 0.21 percent decrease in February. On a month-on-month basis, consumer prices fell 0.45 percent in March.

The BSE Sensex is currently trading at 30798.65, up by 904.69 points or 3.03% after trading in a range of 30420.22 and 30847.10. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 3.31%, while Small cap index was up by 2.68%.

The top gaining sectoral indices on the BSE were Auto up by 6.72%, Healthcare up by 4.75%, Consumer Discretionary up by 4.01%, Consumer Durables up by 3.77% and Metal up by 3.62%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Hero MotoCorp up by 8.59%, Maruti Suzuki up by 8.43%, Mahindra & Mahindra up by 7.59%, HDFC up by 7.51% and Bajaj Auto up by 7.47%. On the flip side, Hindustan Unilever down by 2.79%, Tech Mahindra down by 1.17% and Indusind Bank down by 0.25% were the top losers.

Meanwhile, ratings agency ICRA in its latest report has said that volumes for the commercial vehicles (CV) segment are likely to contract further between 8-10 percent in the current financial year (FY21) as the near term outlook of the sector is weighed down significantly by the coronavirus pandemic. It continued to maintain a negative outlook for the CV segment over the near-term given the slowing economic growth, current overcapacity in the CV ecosystem and not so benign financing environment, with challenges further aggravated by the recent and rapid spread of novel coronavirus in India.

According to the report, the demand headwinds are expected to continue over the near-term given the macroeconomic challenges in view of the recent pandemic outbreak coupled with weakening financial profile of fleet operators and significant price hikes because of transition to the BS-VI emission norms. It said this would exert pressure on earnings and overall credit profile of CV OEMs, which have witnessed sharp earnings contraction over the past 3-4 quarters. It also stated that excess capacity created in the system post revision of axle load norms in July 2018 and faster turnaround of vehicle post GST implementation, coupled with slowdown in the economy and infrastructure projects and the resultant lower freight availability continue to weigh on the demand prospects.

Furthermore, the report said the rapid spread of coronavirus and the lockdown imposed in the country has had a significant impact on goods movement and freight availability over recent weeks and may continue over the near-term. Accordingly, it said the outlook for the next financial year (FY22), especially the first half, remains weak given the macroeconomic headwinds in view of recent pandemic outbreak coupled with significant price hikes because of transition to the new emission norms. It also believes an improvement in the economic environment and resolution of liquidity constraints remain critical for a sustained revival in the industry.

The CNX Nifty is currently trading at 9032.50, up by 283.75 points or 3.24% after trading in a range of 8904.55 and 9044.40. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were Cipla up by 13.31%, Tata Motors up by 9.47%, Maruti Suzuki up by 8.39%, Hero MotoCorp up by 8.37% and Bajaj Auto up by 7.92%. On the flip side, Hindustan Unilever down by 2.82%, Tech Mahindra down by 1.63%, UPL down by 0.23% and Adani Ports & SEZ down by 0.02% were the top losers.

Asian markets were trading mostly in green; Straits Times surged 39.85 points or 1.57% to 2,579.29, Hang Seng gained 191.96 points or 0.80% to 24,162.33, KOSPI jumped 23.88 points or 1.32% to 1,831.02 and Shanghai Composite rose 7.90 points or 0.28% to 2,823.27. On the other hand, Nikkei 225 fell 56.02 points or 0.29% to 19,297.22, Taiwan weighted declined 26.38 points or 0.26% to 10,111.09 and Jakarta Composite was down by 27.25 points or 0.59% to 4,599.45.

SEBI Registered: Investment Adviser - INA000013323

Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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SEBI Registration Number:	INA000013323 Validity - May 16, 2019 - Perpetual
Registration:	Non-Individual
BSE Enlistment No:	1187
Address:	B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045
Compliance officer Details:	Name: Shrikant Jagtap Email: shrikant.jagtap@moneyworks4me.com Telephone: +919860359463 Address: Same as IA
Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
Standard Warning:	Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
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Warning: Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Disclaimer: Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provides any assurance of returns to investors.

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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The Alchemists Ark Pvt. Ltd., B-101, Signet Corner Building, Balewadi Phata, Baner, Pune, Maharashtra 411045

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