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Bourses extend gains in late morning deals

23 Apr 2020 Evaluate

Indian equity bourses extended their gains in late morning deals, mirroring firm other Asian markets. Market participants were positive, as Principal Economic Adviser Sanjeev Sanyal said more calibrated monetary and fiscal stimulus measures are on the anvil to deal with the economic fallout from COVID-19 and the consequent lockdown. He expressed hope that a significant part of the economy will be functioning, if not everything, by May 3. Traders overlooked a report stating that Fitch Ratings slashed India's economic growth projections to 0.8 per cent in the current 2020-21 fiscal saying an unparalleled global recession was underway due to disruptions caused by the outbreak of coronavirus pandemic and resultant lockdowns.

On the global front, Asian markets were trading in green, as Japan's leading index rose more than initially estimated in February. The final data from the Cabinet Office showed that the leading index, which measures the future economic activity, rose to 91.7 in February from 90.7 in January. According to initial estimate, the reading was 82.1.

The BSE Sensex is currently trading at 31756.04, up by 376.49 points or 1.20% after trading in a range of 31292.92 and 31762.31. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 2.05%, while Small cap index was up by 2.00%.

The top gaining sectoral indices on the BSE were Metal up by 2.86%, Bankex up by 2.37%, Realty up by 2.18%, IT up by 2.10% and TECK up by 2.07%, while Consumer Durables down by 0.88% was the lone losing index on BSE.

The top gainers on the Sensex were Kotak Mahindra Bank up by 5.25%, ONGC up by 3.60%, TCS up by 3.08%, ICICI Bank up by 3.03% and Tata Steel up by 2.89%. On the flip side, Titan Company down by 3.07%, Power Grid down by 1.26%, Hindustan Unilever down by 0.65%, Nestle down by 0.27% and SBI down by 0.27% were the top losers.

Meanwhile, rating agency ICRA in its latest report has said that the Indian logistics sector is likely to witness a 6-8 percent fall in the current financial year (FY21) on account of rapid outbreak of the coronavirus (COVID-19) disease. It noted that the rapid rise of Covid-19 pandemic and the government’s decision to contain the disease outbreak in India through a 40-day lockdown is adversely impacting the logistics sector, which has seen a sharp fall in freight availability because of restrictions on production of non-essential goods and shortage of fleet for movement of essential goods owing to dearth of drivers, thereby resulting in spike in truck rentals.

According to the report, in Q3 FY2020, revenue of ICRA’s sample of 12 large logistics players had declined by 2.6 percent year-on-year (Y-o-Y) as compared to a growth of 18.6 percent in Q3 FY2019 and 1.9 percent in Q2 FY2020, in line with the continued moderation in GDP growth, which hit a 27-quarter low of 4.7 percent, resulting in subdued freight availability. ICRA expects the trend to continue in Q4 FY2020 and Q1 FY2021 with a greater degree of subdued performance.

The report further stated that muted consumer demand in sectors such as automotive, FMCG, capital goods and retail, coupled with the slowdown in production of bulk industrial commodities, would adversely impact the growth of the sector. Further, it said the immediate term growth prospects of the sector also remain subdued owing to the outbreak of the COVID-19 pandemic, which has exacerbated the Indian macroeconomic growth scenario.

The CNX Nifty is currently trading at 9299.70, up by 112.40 points or 1.22% after trading in a range of 9170.15 and 9304.65. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 8.79%, Kotak Mahindra Bank up by 5.16%, Britannia up by 4.31%, Hindalco up by 3.32% and TCS up by 3.26%. On the flip side, Titan Company down by 3.06%, Power Grid down by 1.23%, Shree Cement down by 1.20%, Hindustan Unilever down by 0.84% and Grasim Industries down by 0.75% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 138.35 points or 0.72 % to 19,276.30, Straits Times rose 0.44 points or 0.02% to 2,550.48, Hang Seng jumped 56.53 points or 0.24% to 23,949.89, Taiwan weighted increased 31.23 points or 0.30% to 10,338.97, KOSPI advanced 7.66 points or 0.40% to 1,903.81, Jakarta Composite strengthened 41.28 points or 0.90% to 4,608.84, while Shanghai Composite was down by 4.44 points or 0.16% to 2,822.57.

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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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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

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Grievance Officer:

Name: Mukta Vaze

Email: mukta.vaze@moneyworks4me.com

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Name: Atharva Bhide

Email: atharva.bhide@moneyworks4me.com

Mobile No:+91 91758 99463

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