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Markets extend gains in late morning deals

19 Jun 2020 Evaluate

Indian equity benchmarks extended their gains in late morning deals, tracking positive other Asian markets. In line with the larger markets, the broader indices were too showing gaining momentum, while Realty and Industrials sector stocks gained the most on the BSE. Domestic sentiments were positive, 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.

On the global front, Asian markets were mostly trading in green, 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 is currently trading at 34505.28, up by 297.23 points or 0.87% after trading in a range of 34136.39 and 34518.25. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.28%, while Small cap index was up by 1.36%.

The top gaining sectoral indices on the BSE were Realty up by 4.13%, Industrials up by 2.12%, Capital Goods up by 1.66%, Energy up by 1.53% and Bankex up by 1.53%, while IT down by 0.51% and TECK down by 0.21% were the only losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 6.75%, Axis Bank up by 3.37%, Maruti Suzuki up by 2.79%, ONGC up by 2.21% and SBI up by 2.20%. On the flip side, Infosys down by 1.38%, HCL Tech. down by 1.10%, Nestle down by 0.55%, ITC down by 0.51% and HDFC down by 0.44% were the top losers.

Meanwhile, the 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. It added that countries in ‘Developing Asia’ will ‘barely grow’ in 2020. However, it also said China is expected to record a positive growth of 1.8% in 2020, sharply down from 6.1% in 2019.

As per the report, growth in Indian Gross Domestic Product (GDP) slowed to 3.1% in the last quarter, slowest since early 2003. Economic growth slowed to 4.2% in the whole of the last fiscal year as both exports and investment started to contract. High-frequency indicators such as purchasing managers’ indexes fell to all-time lows in April, reflecting the bleak outlook. Migrant workers have gone home to their villages after losing their jobs in the cities and will be slow to return even after containment measures are relaxed.

Thus, India's economy is forecast to contract by 4% in fiscal year to be ending on March 31, 2021, before growing 5% in fiscal year to be ending March 2022. For the countries in Developing Asia, ADB forecasts growth of 0.1% in 2020. This is down from the 2.2% forecast in April and would be the slowest growth for the region since 1961. ‘Developing Asia’ refers to a group of over 40 countries that are members of the ADB.

The CNX Nifty is currently trading at 10187.40, up by 95.75 points or 0.95% after trading in a range of 10072.65 and 10189.40. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 6.94%, Tata Motors up by 6.18%, Bajaj Finserv up by 4.84%, Axis Bank up by 3.44% and Bharti Infratel up by 3.06%. On the flip side, Infosys down by 1.39%, Coal India down by 1.05%, HCL Tech. down by 1.03%, Wipro down by 0.66% and Shree Cement down by 0.59% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 138.47 points or 0.62% to 22,493.93, Taiwan Weighted strengthened 25.75 points or 0.22% to 11,574.08, Jakarta Composite soared 16.88 points or 0.34% to 4,942.13, Shanghai Composite gained 11.42 points or 0.39% to 2,950.74 and KOSPI rose 0.26 points or 0.01% to 2,133.74. On the flip side, Hang Seng decreased 16.78 points or 0.07% to 24,448.16 and Straits Times trembled 20.05 points or 0.75% to 2,645.61.

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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.

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Name: Atharva Bhide

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