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Sensex, Nifty extend gains in late morning deals

23 Jun 2020 Evaluate

Tracking firm Asian markets, Indian equity benchmarks extended their gains in late morning deals. Gaining momentum continued over Dalal street on the back of heavy buying at power and capital Goods counters, while the broader indices also garnered gains of over a percent each. Investors were positive, amid reports that despite the economic setback India is experiencing from the COVID-19 pandemic, business leaders and experts are predicting the Indian economy and recruitment landscape will bounce back in the near future. However, the demand for technology talent with niche skill sets in ecommerce, artificial intelligence (AI) and other emerging industries continues to stay strong.

On the global front, Asian markets were trading mostly in green, despite the manufacturing sector in Japan continued to contract in June, and at a faster rate, with a manufacturing PMI score of 28.9. That's down from 30.3 in May, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. Individually, output, new orders, new export orders, employment, backlogs, output prices, input prices and future output all continued to contract.

The BSE Sensex is currently trading at 35132.35, up by 221.03 points or 0.63% after trading in a range of 34843.69 and 35143.61. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.28%, while Small cap index was up by 1.06%.

The top gaining sectoral indices on the BSE were Power up by 2.59%, Capital Goods up by 2.46%, Utilities up by 1.94%, Industrials up by 1.88% and FMCG up by 1.77%, while Energy down by 0.86% was the only losing index on BSE.

The top gainers on the Sensex were Indusind Bank up by 4.30%, NTPC up by 3.68%, Larsen & Toubro up by 3.52%, Hindustan Unilever up by 2.84% and Power Grid up by 2.41%. On the flip side, Reliance Industries down by 1.20%, Bharti Airtel down by 0.26%, ICICI Bank down by 0.26%, HDFC down by 0.13% and HDFC Bank down by 0.10% were the top losers.

Meanwhile, Moody's Investors Service, in its June update to Global Macro Outlook (2020-21), has projected that the Indian economy to shrink 3.1% in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics. Besides, it pegged India's annual growth at 0.2% in April, the forecast has been sharply revised after taking into consideration the disruptions due to the coronavirus pandemic. However, the agency expects the economy to register 6.9% growth in 2021.

In its report, Moody's has revised down its 2020 growth forecast for India as incoming data show the extent of coronavirus-related disruption in January-March and April-June quarters. It said ‘April-June quarter of 2020 will go down in history as the worst quarter for the global economy since at least World War II. We continue to expect a gradual recovery beginning in the second half of the year, but that outcome will depend on whether governments can reopen their economies while also safeguarding public health.’

Moody's has forecast that China would be the only G-20 country to post growth this year. It added that the expectation is that China would grow 1% in 2020, followed by a strong rebound of 7.1% in 2021. According to it, a rebound in demand would determine the ability of businesses and labour markets to recover from the shock. It also expects G-20 economies to contract by 4.6% in 2020 as a whole, followed by 5.2% growth in 2021. Recently, Moody's had cut India's credit rating by a notch to lowest investment grade 'Baa3' citing challenges in implementing policies to boost growth and restrict fiscal slippage.

The CNX Nifty is currently trading at 10393.85, up by 82.65 points or 0.80% after trading in a range of 10301.75 and 10396.10. There were 46 stocks advancing against 4 stocks declining on the index.

The top gainers on Nifty were UPL up by 4.73%, Indusind Bank up by 4.27%, NTPC up by 3.67%, Larsen & Toubro up by 3.58% and Hindalco up by 3.10%. On the flip side, Reliance Industries down by 0.99%, Bharti Airtel down by 0.27%, HDFC down by 0.09% and HDFC Bank down by 0.07% were the top losers.

Asian markets were trading mostly higher; Hang Seng increased 238.12 points or 0.97% to 24,749.46, Nikkei 225 surged 201.92 points or 0.9% to 22,639.19, Taiwan Weighted strengthened 24.29 points or 0.21% to 11,597.22, KOSPI rose 8.44 points or 0.4% to 2,135.17, Straits Times advanced 5.77 points or 0.22% to 2,635.46 and Shanghai Composite gained 5.03 points or 0.17% to 2,970.30. On the flip side, Jakarta Composite lost 11.92 points or 0.24% to 4,906.91.

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
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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.
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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

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

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

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

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