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Sensex, Nifty trade in green terrain

26 Jun 2020 Evaluate

Tracking firm Asian markets, Indian equity benchmarks continued to trade in green terrain in late morning deals. In line with the larger peers, the broader indices too maintained their trade in green terrain, while Infosys emerged as top gainer among all industry majors on the BSE. Traders were positive, as Minister of State for Defence Shripad Naik said that strong indigenous defence-manufacturing capabilities would help India safeguard its prosperity generated over the last couple of decades. Naik emphasised on the huge opportunity the defence sector presents for the micro, small and medium enterprises (MSMEs).

On the global front, Asian markets were trading mostly in green, after Consumer sentiment in South Korea ticked higher in June, with a consumer survey index score of 81.8. That's up from 77.6 in May. Consumer sentiment regarding current living standards was 5 points higher than in May at 84, and the future outlook for living standards was 2 points up to 87.

The BSE Sensex is currently trading at 35062.77, up by 220.67 points or 0.63% after trading in a range of 34923.43 and 35241.04. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.65%, while Small cap index was up by 0.53%.

The top gaining sectoral indices on the BSE were IT up by 5.26%, TECK up by 4.22%, Oil & Gas up by 2.50%, PSU up by 1.55% and Metal up by 1.23%, while FMCG down by 0.62%, Bankex down by 0.36%, Realty down by 0.20%, Healthcare down by 0.04% and Capital Goods down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Infosys up by 6.59%, TCS up by 5.10%, HCL Tech up by 3.37%, Tech Mahindra up by 3.05% and ONGC up by 2.63%. On the flip side, Kotak Mahindra Bank down by 3.22%, ITC down by 1.61%, Bajaj Finance down by 1.29%, Hindustan Unilever down by 1.03% and Titan Company down by 1.02% were the top losers.

Meanwhile, amid contraction in global demand on account of COVID-19 pandemic, the Federation of Indian Export Organisations (FIEO) has said that India’s exports are likely to witness a 10-12% year-on-year decline during the ongoing fiscal (FY 2020-21), if the current trend persists. FIEO President S K Saraf said although exporters are receiving a lot of enquiries from countries where anti-China sentiments are high, demand in employment intensive sectors like gems and jewellery, apparels, footwear, handicrafts, and carpets is still a challenge. Besides, India's exports contracted by a record 60% in April and 36.47% in May.

Saraf said ‘Initially, looking into the lockdown challenges and projected decline in global trade, we expected 20% decline in our exports. However, two days back, the WTO (World Trade Organisation) trade estimates for the second quarter puts the contraction only at 13%.’ He added that ‘we do not expect much improvement in demand. Therefore, we expect around 10%-12% decline in India's exports in the current fiscal.’ However, he said in case of a second wave of the pandemic, the contraction in exports may reach 20%.

He also suggested the government to focus on concluding free trade agreements with countries like the European Union, Australia and New Zealand. The government should also look at ways to re-start talks on mega trade deal RCEP (Regional Comprehensive Partnership Agreement). It is a good time to involve in RCEP with fully protecting the national interests. India had decided not to join RCEP as negotiations failed to address several of the country's concerns. To push exports further, he suggested the export community to focus on countries which are providing demand stimulus like the US and the UK, and explore opportunities in countries having anti-China sentiments like the EU, Japan, South Korea, Australia, New Zealand, and Canada.

The CNX Nifty is currently trading at 10357.75, up by 68.85 points or 0.67% after trading in a range of 10318.05 and 10407.75. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were Infosys up by 6.50%, BPCL up by 5.66%, Wipro up by 4.84%, Indian Oil Corporation up by 4.76% and TCS up by 4.68%. On the flip side, Kotak Mahindra Bank down by 3.18%, Bharti Infratel down by 1.47%, ITC down by 1.46%, Bajaj Finance down by 1.23% and Titan Company down by 1.04% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 308.92 points or 1.39% to 22,568.71, KOSPI rose 26.38 points or 1.25% to 2,138.75, Straits Times advanced 24.12 points or 0.93% to 2,614.27 and Jakarta Composite soared 6.39 points or 0.13% to 4,903.12. On the flip side, Hang Seng decreased 140.60 points or 0.57% to 24,640.98.

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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

Email: shrikant.jagtap@moneyworks4me.com

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Grievance Officer:

Name: Mukta Vaze

Email: mukta.vaze@moneyworks4me.com

Mobile No:+91 98609 19463

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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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