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296.59 (-0.36%)

Post Session: Quick Review

19 Jun 2020 Evaluate
Indian equity benchmarks ended the last trading day of the week on bullish note. After a positive start, indices traded volatile during early morning deals, as Asian Development Bank (ADB) in a supplement to its Asian Development Outlook (ADO) has forecasted that the Indian economy is expected to contract by 4% during the current financial year, hit hard by the COVID-19 pandemic. Some concerns also came with Icra’s report that earnings of India Inc fell by nearly a fourth in January-March as compared to the year-ago period due to legacy problems, warning of deeper impact in the June quarter due to Covid-19-induced lockdown. Absolute earnings of the corporate India contracted by 22% and 12% in Q4FY20 and FY20, respectively.

But soon, markets extended gains, as Prime Minister Narendra Modi will launch on Saturday a Rs 50,000-crore employment scheme to provide income support to migrant workers who returned to their native states during the coronavirus-triggered lockdown. The 'Garib Kalyan Rojgar Abhiyan' will primarily focus on six states to where maximum migrant workers have returned. Firm trade persisted in the second half of the session, as the United Nations Conference on Trade and Development (UNCTAD) said that India’s economy could prove the most resilient in South Asia and its large market will continue to attract market-seeking investments to the country even as it expects a dramatic fall in global foreign direct investment (FDI).

On the global front, European markets were trading higher even as coronavirus cases increased in some countries, as markets reassessed expectations for an economic recovery before a key European Union meeting. Asian markets ended mostly in green terrain, even after overall consumer prices in Japan were up 0.1 percent on year in May, in line with expectations and unchanged from the April reading. Core consumer prices, which exclude volatile food prices, sank 0.2 percent on year. That missed expectations for a fall of 0.1 percent and was unchanged from the previous month's reading.

The BSE Sensex ended at 34731.73, up by 523.68 points or 1.53% after trading in a range of 34136.39 and 34848.37. There were 18 stocks advancing against 11 stocks declining, while 1 stock remain unchanged on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index was up by 1.03%, while Small cap index was up by 1.37%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 6.36%, Energy up by 5.05%, Oil & Gas up by 2.51%, Telecom up by 1.81% and Industrials up by 1.80%, while IT down by 0.40% and Consumer Durables down by 0.07% were the only losing indices on BSE. (Provisional)

The top gainers on the Sensex were Bajaj Finance up by 6.74%, Reliance Industries up by 6.23%, Power Grid up by 4.23%, ICICI Bank up by 3.38% and Maruti Suzuki up by 3.19%. On the flip side, Indusind Bank down by 2.94%, ITC down by 1.37%, Mahindra & Mahindra down by 1.35%, HCL Tech. down by 1.19% and HDFC down by 0.87% were the top losers. (Provisional)

Meanwhile, with an aim to empower and provide livelihood opportunities to the returnee migrant workers and rural citizens, Government of India has decided to launch a massive rural public works scheme ‘Garib Kalyan Rojgar Abhiyaan’ on June 20, 2020. The villages across 116 districts in the six States will join this programme through the Common Service Centres and Krishi Vigyan Kendras, maintaining the norms of social distancing in the wake of the Covid-19 pandemic.

This campaign of 125 days, which will work in mission mode, will involve intensified and focused implementation of 25 different types of works to provide employment to the migrant workers on one hand and create infrastructure in the rural regions of the country on the other hand, with  a resource envelope of Rs 50,000 crore.

A total of 116 Districts with more than 25,000 returnee migrant workers across six States, namely Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Jharkhand and Odisha have been chosen for the campaign which includes 27 Aspirational Districts. These districts are estimated to cover about 2/3 of such migrant workers.

The Abhiyaan will be a coordinated effort between 12 different Ministries/Departments, namely, Rural Development, Panchayati Raj, Road Transport & Highways, Mines, Drinking Water & Sanitation, Environment, Railways, Petroleum & Natural Gas, New & Renewable Energy, Border Roads, Telecom and Agriculture.

The CNX Nifty is currently trading at 10244.40, up by 152.75 points or 1.51% after trading in a range of 10072.65 and 10272.40. There were 32 stocks advancing against 18 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bajaj Finserv up by 8.70%, Bajaj Finance up by 6.84%, Tata Motors up by 6.38%, Reliance Industries up by 6.25% and Bharti Infratel up by 4.56%. On the flip side, Indusind Bank down by 3.11%, Vedanta down by 1.64%, HCL Tech. down by 1.61%, ITC down by 1.37% and Mahindra & Mahindra down by 1.29% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 40.73 points or 0.65% to 6,264.80, France’s CAC increased 34.37 points or 0.69% to 4,993.12 and Germany’s DAX was up by 76.38 points or 0.62% to 12,357.91.

Asian markets ended mostly higher on Friday as investors cheered on optimism about a possible global economic recovery outweighed concerns over a second wave of the corona virus infections. Japanese shares gained after the government lifted its domestic travel curbs that were imposed to halt the spread of the corona virus pandemic. Chinese shares ended higher after policymakers pledged to maintain ample financial system liquidity in the second half of the year. Sentiments were also bolstered after the chief epidemiologist of China's Center for Diseases Prevention and Control said that the outbreak in Beijing had been brought under control.

Asian Indices

Last Trade           

Change in Points

Change in %

Shanghai Composite

2,967.63
28.31
0.96

Hang Seng

24,643.89
178.95
0.73

Jakarta Composite

4,942.27
17.02
0.35

KLSE Composite

1,507.26

2.35

0.16

Nikkei 225

22,478.79
123.33
0.55

Straits Times

2,634.83
-30.83

-1.16

KOSPI Composite

2,141.32
7.84
0.37

Taiwan Weighted

11,549.86
1.53
0.01


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