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Bulls hold tight grip over Dalal Street

15 Apr 2020 Evaluate

Bulls were holding their tight grip over the Dalal Street in late morning deals, with Sensex and Nifty gaining over 2.50% each. Market participants were optimistic, as Finance Ministry held a review meeting with the heads of public sector banks, and instructed them to extend all possible help to all sectors of the economy within prudential guidelines to tide over the crisis following COVID-19 outbreak and consequent lockdown. Besides, Union Minister Nitin Gadkari asked India Inc to clear huge outstanding payments to micro, small and medium enterprises at the earliest in order to ease the distress in the sector and inject liquidity into market. Further, traders are awaiting for India’s WPI inflation data.

On the global front, Asian markets were trading in red, even after China's central bank reduced its medium-term borrowing cost, in an attempt to mitigate the downturn caused by the coronavirus pandemic. It trimmed the one-year medium-term lending facility, or MLF, rate to 2.95 percent from 3.15 percent. The bank injected CNY 100 billion through the MLF operation.

The BSE Sensex is currently trading at 31460.25, up by 770.23 points or 2.51% after trading in a range of 31097.60 and 31568.36. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 3.07%, while Small cap index was up by 3.10%.

The top gaining sectoral indices on the BSE were FMCG up by 4.77%, Basic Materials up by 4.53%, Capital Goods up by 4.49%, Industrials up by 3.76% and Healthcare up by 3.34%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Indusind Bank up by 6.47%, Hindustan Unilever up by 6.17%, Axis Bank up by 6.01%, ICICI Bank up by 5.27% and ITC up by 5.26%. On the flip side, Kotak Mahindra Bank down by 1.00%, Maruti Suzuki down by 0.49% and Mahindra & Mahindra down by 0.30% were the top losers.

Meanwhile, the International Monetary Fund (IMF) in its latest edition of the World Economy report has projected a Gross Domestic Product (GDP) growth of 1.9 per cent for India in 2020, as the global economy hits the worst recession since the Great Depression in the 1930s due to the raging coronavirus pandemic that has nearly stalled all economic activities across the world. With this subdued forecast, India may record its worst growth performance since the 1991 liberalisation.

However, it has placed India as the fastest-growing emerging economies of the world. It is among the only two major countries, which will register a positive growth rate in 2020. The other being China, for which the IMF has projected a growth rate of 1.2 per cent. Further, it said in the advanced economy group, are forecast to contract this year, including the United States (-5.9 per cent), Japan (-5.2 per cent), the United Kingdom (-6.5 per cent), Germany (-7.0 per cent), France (-7.2 per cent), Italy (-9.1 per cent), and Spain (-8.0 per cent).

Besides, it stated that India’s growth rate in 2021 is projected at 7.4 per cent, while that of China at 9.2 per cent. The United States has been projected to grow at 4.5 per cent and Japan 3 per cent. This is a truly global crisis as no country is spared. Countries reliant on tourism, travel, hospitality, and entertainment for their growth are experiencing particularly large disruptions.

The CNX Nifty is currently trading at 9234.40, up by 240.55 points or 2.67% after trading in a range of 9114.35 and 9261.20. There were 45 stocks advancing against 5 stocks declining on the index.

The top gainers on Nifty were UPL up by 15.86%, Indusind Bank up by 6.68%, Hindustan Unilever up by 6.25%, Axis Bank up by 6.21% and ICICI Bank up by 5.78%. On the flip side, Kotak Mahindra Bank down by 0.83%, Zee Entertainment down by 0.58%, Maruti Suzuki down by 0.44%, Bharti Infratel down by 0.34% and Mahindra & Mahindra down by 0.23% were the top losers.

Asian markets were trading mostly in red; Nikkei 225 slipped 34.80 points or 0.18% to 19,604.01, Hang Seng declined 22.42 points or 0.09% to 24,412.98, Jakarta Composite weaknend 21.26 points or 0.45% to 4,685.23 and Shanghai Composite was down by 4.12 points or 0.15% to 2,823.16. On the other hand, Straits Times rose 0.44 points or 0.02% to 2,635.01 and Taiwan weighted gained 86.06 points or 0.83% to 10,419.00.

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

*Color code for outperformance consistency

*Number is average 3 year rolling returns

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