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Sensex, Nifty extend gains in late morning deals

23 Jul 2020 Evaluate

Indian equity benchmarks extended their gains in late morning session, despite mixed cues from other Asian markets. In line with the larger peers, the broader indices were too maintaining trade in green terrain in late morning deals. Domestic sentiments were positive, even after a private report stating that consumers in India are cautious about spending in the wake of the coronavirus pandemic with 78 per cent of respondents claiming to reduce discretionary spending. However, consumers in tier-II and tier-III cities were almost two-times more optimistic on their spending habits than those in tier-I, hence it could be the next focus area to monitor spending habits.

On the global front, Asian markets were trading mixed, as South Korea's gross domestic product was down a seasonally adjusted 3.3 percent on quarter in the second quarter of 2020. That missed forecasts for a decline of 2.3 percent following the 1.3 percent contraction in the previous three months. Real gross domestic income decreased by 2.0 percent on quarter.

The BSE Sensex is currently trading at 38079.49, up by 207.97 points or 0.55% after trading in a range of 37738.59 and 38111.84. 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 0.96%, while Small cap index was up by 0.77%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.63%, Energy up by 1.45%, PSU up by 1.34%, Healthcare up by 1.23% and Realty up by 1.22%, while IT down by 0.71% and TECK down by 0.44% were the only losing indices on BSE.

The top gainers on the Sensex were Asian Paints up by 2.17%, Kotak Mahindra Bank up by 1.77%, ITC up by 1.70%, SBI up by 1.67% and Reliance Industries up by 1.44%. On the flip side, Axis Bank down by 3.12%, Infosys down by 1.31%, TCS down by 0.46%, Nestle down by 0.45% and Tech Mahindra down by 0.35% were the top losers.

Meanwhile, delving into various key facets of the fast expanding ties between India and the US, External Affairs Minister S Jaishankar has said two countries need to think ‘bigger’ while attempting to resolve the pending trade issues. He also pitched for deeper collaboration between the two countries in the areas of innovation and technology. On the trade issue, he said ‘I understand the centrality of the economic relations....These are bread and butter issues. These are really what make countries deal with each other. But I think, between India and the US, while we work through trade issues, we need to think bigger’. India and the US have been engaged in talks to iron out differences over a set of tariff related issues.

He added ‘My sense is that it is in our mutual interest. We need to resolve these pending problems and move onto something bigger. I think there is a lot of interest here in doing that’. Mentioning about the strength of the Indo-US ties, he said there will be issues on which ‘our convergence will be more, somewhere it will be less. I think the quest in the last 20 years, and I see that continuing into the future, is really to find more common ground’. Talking about changing geopolitics, he said the US really will require to learn to work with a more multipolar world with a more plurilateral arrangement and will require to go beyond the alliances with which it has really grown up over the last two generations.

The External Affairs Minister said there is a much ‘bigger connect’ between the two countries beyond trade, which he identified as ‘knowledge innovation connect’. He said ‘I think beyond the exchange of goods and creating a better investment climate for each other, this ability to work together in the world of innovation and technology, I think, that is really what will set our relationship apart’. On the overall ties, the external affairs minister said both countries have the ability today to shape the world by working together.

The CNX Nifty is currently trading at 11199.80, up by 67.20 points or 0.60% after trading in a range of 11103.15 and 11215.35. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 5.57%, Eicher Motors up by 3.57%, Indian Oil Corporation up by 2.83%, Asian Paints up by 2.43% and BPCL up by 2.35%. On the flip side, Axis Bank down by 3.11%, Shree Cement down by 1.41%, Infosys down by 1.13%, TCS down by 0.65% and Hero MotoCorp down by 0.63% were the top losers.

Asian markets were trading mixed; Hang Seng increased 93.58 points or 0.37% to 25,151.52, Jakarta Composite soared 43.76 points or 0.86% to 5,153.95 and Straits Times advanced 18.70 points or 0.72% to 2,613.23. On the flip side, KOSPI fell 17.95 points or 0.81% to 2,210.71, Shanghai Composite declined 39.62 points or 1.19% to 3,293.54 and Taiwan Weighted was down by 67.40 points or 0.54% to 12,405.87.

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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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Name: Mukta Vaze

Email: mukta.vaze@moneyworks4me.com

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Name: Atharva Bhide

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Mobile No:+91 91758 99463

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