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Weak trade continues over Dalal Street

13 Apr 2020 Evaluate

Weak trade continued over the Dalal Street in late morning deals, on the back of weak cues from other Asian markets. Sentiments were pessimistic, as the World Bank in its South Asia Economic Focus report has said that India may record its worst growth performance since the 1991 liberalisation this fiscal year (FY21) as the coronavirus outbreak severely disrupts the economy. It said India's economy is expected to grow 1.5 per cent to 2.8 per cent in FY21. However, some losses got trimmed, after Indian Exhibitions Industry Association (IEIA), sought an economic package from the government, saying the sector has suffered a loss of Rs 3,570 crore due to cancelled events on account of coronavirus pandemic.

On the global front, Asian markets were trading in red, even after Malaysia's industrial production grew at a faster-than-expected pace in February. The data from the Department of Statistics showed that industrial production rose 5.8 percent year-on-year in February, following a 0.6 percent increase in January. Manufacturing output grew 5.6 percent in February, following a 2.2 percent rise in the previous month.

The BSE Sensex is currently trading at 31017.53, down by 142.09 points or 0.46% after trading in a range of 30474.15 and 31195.72. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index lost 0.01%, while Small cap index was down by 0.17%.

The top gaining sectoral indices on the BSE were Telecom up by 3.17%, Capital Goods up by 3.08%, Healthcare up by 2.96%, Basic Materials up by 1.74% and Industrials up by 1.67%, while Realty down by 4.16%, Consumer Durables down by 2.76%, Consumer Discretionary down by 1.94%, Auto down by 1.77% and Energy down by 1.28% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 5.56%, Ultratech Cement up by 5.14%, Sun Pharma up by 3.88%, Bharti Airtel up by 3.27% and Indusind Bank up by 2.50%. On the flip side, Bajaj Finance down by 6.25%, Tech Mahindra down by 3.63%, Titan down by 3.48%, Mahindra & Mahindra down by 3.40% and ONGC down by 3.30% were the top losers.

Meanwhile, Federation of Indian Export Organisations (FIEO) has said that India’s exports sector may witness about 15 million job losses and rising non-performing assets (NPAs) amongst exporting units, following the cancellation of over 50 percent of orders and gloomy forecast for the future due to the Covid-19 pandemic. Seeking urgent announcement of a relief package for exports, FIEO President Sharad Kumar Saraf said a fine balancing is required between life and livelihood, as opting for only one can be disastrous for the country.

Saraf has stated that exporters are left with very few orders and if factories are not allowed to work with a minimum workforce, many of them will suffer irreparable losses which will bring them to the brink of closure as they are saddled with fixed cost that in any case has to be absorbed by them. He noted that sectors including apparel, gems and jewellery, leather, handicrafts, engineering and textiles are severely hit by the lockdown.

FIEO President said ‘we are losing markets to China. All orders are going to China as they have resumed work. It will be very late if we will not start our factories now. Small economies like Bangladesh and Sri Lanka too have announced relief packages.’ He also said that any further delay in rolling out of incentives would be catastrophic. Therefore, he recommended steps such as interest free working capital term loans to exporters to cover the cost of wages, rental and utilities; EPF and ESIC waiver for three months from March to May; extension of pre and post shipment credit by 90-180 days on their maturity, and extension of interest subsidy benefits.

The CNX Nifty is currently trading at 9074.80, down by 37.10 points or 0.41% after trading in a range of 8912.40 and 9112.05. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 5.26%, Ultratech Cement up by 5.02%, Dr. Reddy’s Lab up by 4.87%, Sun Pharma up by 4.32% and Bharti Airtel up by 3.39%. On the flip side, Zee Entertainment down by 10.94%, Bajaj Finance down by 6.49%, Tech Mahindra down by 3.71%, Mahindra & Mahindra down by 3.64% and ONGC down by 3.36% were the top losers.

Asian markets were trading in red; Nikkei 225 slipped 274.68 points or 1.41% to 19,223.82, Straits Times fell 2.60 points or 0.10% to 2,568.72, Taiwan weighted declined 9.51 points or 0.09% to 10,148.10, KOSPI weakened 18.39 points or 0.99% to 1,842.31, Jakarta Composite decreased 18.95 points or 0.41% to 4,630.13 and Shanghai Composite was down by 9.35 points or 0.33% to 2,787.28.

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.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

SEBI regional/local office address -

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

Address:

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

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*Number is average 3 year rolling returns

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