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Post Session: Quick Review

23 Jul 2021 Evaluate

Extending previous session gains, Indian equity benchmarks ended Friday’s trade in green terrain as investors reacted to the latest spate of earnings and await Supreme Court judgement on the adjusted gross revenue. The hearing scheduled for Thursday was cancelled due to the non-availability of Justice Aniruddha Bose. Markets made a cautious start as former World Bank chief economist Kaushik Basu said India's wholesale price-based inflation is at a 30-year high, leading to a very alarming situation for the country. Some cautiousness came as the US has said India remains a challenging place to do business, and urged it to foster an attractive and reliable investment climate by reducing barriers to investment and minimising the bureaucratic hurdles.

Markets gained traction and entered into green terrain as traders took some support after Information and Broadcasting Minister Anurag Thakur said the Union Cabinet has approved Rs 6,322-crore production linked incentive scheme for specialty steel, a move aimed at boosting domestic manufacturing and exports from the sector. Some support also came with report that India has significantly improved its ranking in terms of trade facilitation due to various reforms undertaken by various departments especially customs under the Central Board of Indirect Taxes (CBIC). India has scored 90.32 per cent in United Nation's Economic and Social Commission for Asia Pacific's (UNESCAP) latest Global Survey on Digital and Sustainable Trade Facilitation. However, traders booked some of their profit in last leg of trade as they remained watchful ahead of the monsoon session of the Parliament, which began on a stormy note on Monday. The center has listed 23 bills to be tabled in the Lok Sabha session.

On the global front, European markets were trading in green, helped by a supportive tone from the European Central Bank and more positive quarterly corporate earnings. Asian markets ended mostly in red amid still lingering worries over peaking spread of the delta variant of the coronavirus around the globe. Back home, telecom stocks, namely Bharti Airtel, Vodafone Idea and Tata Tele remained in limelight amid reports that the Supreme Court will pronounce its judgment on appeal for correction of errors in Adjusted Gross Revenue (AGR) calculation on July 23.

The BSE Sensex ended at 52975.80, up by 138.59 points or 0.26% after trading in a range of 52653.77 and 53114.70. There were 15 stocks advancing against 15 stocks declining on the index. (Provisional)

The broader indices ended mixed; the BSE Mid cap index slipped 0.07%, while Small cap index was up by 0.11%. (Provisional)

The gaining sectoral indices on the BSE were Realty up by 1.46%, Bankex up by 1.20%, FMCG up by 0.64%, IT up by 0.31%, Metal up by 0.29% while, Capital Goods down by 0.85%, Industrials down by 0.74%, Telecom down by 0.72%, Consumer Durables down by 0.50%, Energy down by 0.50% were the losing indices on BSE. (Provisional)

The top gainers on the Sensex were ICICI Bank up by 3.19%, ITC up by 2.56%, SBI up by 1.54%, HCL Tech. up by 1.42% and Axis Bank up by 1.27%. On the flip side, Tech Mahindra down by 1.63%, Larsen & Toubro down by 1.43%, Reliance Industries down by 0.85%, Hindustan Unilever down by 0.83% and NTPC down by 0.59% were the top losers. (Provisional)

Meanwhile, former World Bank chief economist Kaushik Basu has said that India's wholesale price-based inflation is at a 30-year high, leading to a very alarming situation for the country. He, however, doesn't see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to ‘inflationary crisis’.

Basu said ‘there is a big risk of inflation and actually one particular kind of inflation. If you look at wholesale price inflation in India. Right now it is at a 30-year high’. Basu also said generally wholesale price inflation seeps into retail price inflation, so that this is a very alarming situation for India because prices are rising quite rapidly.

Stating that India needs a much better curation of policy once again between the Reserve Bank of India and the finance ministry, he said, ‘I feel not enough is happening once again between the Treasury, the finance ministry and the central bank for the inflation.’ He cautioned that there is a big risk of inflation going to be higher, though not huge. He opined 'I don't think there's any risk of hyperinflation or anything like that in India’. He observed ‘but it can go higher and if the retail prices begin to follow the wholesale prices, it is a major inflationary crisis, already, because the poor people have been hit so badly by the crisis.’

The CNX Nifty ended at 15856.05, up by 32.00 points or 0.20% after trading in a range of 15768.40 and 15899.80. There were 22 stocks advancing against 28 stocks declining on the index. (Provisional)

The top gainers on Nifty were ICICI Bank up by 3.16%, ITC up by 2.61%, Wipro up by 2.56%, SBI Life Insurance up by 2.38% and SBI up by 1.62%. On the flip side, Tata Motors down by 2.31%, Grasim Industries down by 2.06%, Larsen & Toubro down by 1.85%, Adani Ports down by 1.70% and Tech Mahindra down by 1.53% were the top losers. (Provisional)

European markets were trading higher, UK’s FTSE 100 increased 53.90 points or 0.77% to 7,022.20, France’s CAC increased 59.80 points or 0.92% to 6,541.39 and Germany’s DAX was up by 124.10 points or 0.80% to 15,638.64.

Asian markets ended mostly lower on Friday despite positive cues from Wall Street overnight. Chinese and Hong Kong shares ended lower after reports emerged that Beijing is planning hefty penalties on Didi Global for listing its shares in the US in June. However, Seoul shares ended higher with optimism for strong earnings, while the government extended virus curbs in greater Seoul for another two weeks. Market sentiments improved further by dovish signals from the European Central Bank (ECB) which helped ease concerns about the fast-growing price pressure in the global financial markets. Meanwhile, Japanese stock market is closed for a long weekend on Thursday and Friday for public holidays.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	3,550.40	-24.33	-0.68
Hang Seng	27,321.98	-401.86	-1.45
Jakarta Composite	6,101.69	-35.86	-0.58
KLSE Composite	1,523.44	-4.18	-0.27
Nikkei 225	--	--	--
Straits Times	3,157.05	-2.21	-0.07
KOSPI Composite	3,254.42	4.21	0.13
Taiwan Weighted	17,572.92	0.59	--

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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: Shrikant Jagtap

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Grievance Officer:

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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