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Markets trade in fine fettle in early deals; Sensex surpasses 59550 mark

17 Sep 2021 Evaluate

With a positive opening Indian equity markets have enlarged their previous session’s rally and are now trading with the gains of over half a percent on Friday. Sentiment got a boost with Union Finance Minister Nirmala Sitharaman’s statement that the National Asset Reconstruction Company (NARCL) would be operational soon, and it had to ensure resolving bad loans within five years, beyond which the guarantee to be issued by the government would expire. The Cabinet approved a government guarantee of Rs 30,600 crore to be provided for the security receipts issued by the NARCL to buy bad loans of lenders. Further, support also came in as the Reserve Bank of India (RBI) said the inflation trajectory is coming down faster than anticipated and the inflation print of 5.3 per cent in August has proven the monetary policy committee’s (MPC) move to look through May’s price shock as the right call.

On the global front, Asian markets are trading mixed, following the mixed cues overnight from Wall Street, with traders remaining cautiously optimistic about the pace of the global economic recovery from the pandemic on a strong boost in vaccinations in the region after a slow start. Traders are also weighing risks from China's clampdown on businesses and the prospect of scale down in US Federal Reserve stimulus. The US markets ended mostly lower as investors weighed mixed signals in the latest US economic data. Back home, there were some buzz in aviation stocks on report that the Directorate General of Civil Aviation (DGCA) said around 6.7 million domestic passengers travelled by air in August, 33.83 per cent higher than 5 million who travelled in July. The cap on capacity was increased to 72.5 per cent from August 12. Earlier airlines could only operate up to 65 per cent of their capacity. All airlines have reported an increase in load factors.

The BSE Sensex is currently trading at 59545.46, up by 404.30 points or 0.68% after trading in a range of 59384.76 and 59582.36. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.02%, while Small cap index up by 0.11%.

The gaining sectoral indices on the BSE were Telecom up by 1.30%, Realty up by 0.94%, Consumer Durables up by 0.87%, FMCG up by 0.81% and Bankex up by 0.69%, while Power down by 1.30%, Metal down by 1.04%, Utilities down by 0.90%, Basic Materials down by 0.37% and Oil & Gas down by 0.02% were the losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.48%, ITC up by 2.38%, Bajaj Finserv up by 1.76%, Titan Co up by 1.61% and Bharti Airtel up by 1.22%. On the flip side, Tata Steel down by 1.74%, NTPC down by 0.56%, Indusind Bank down by 0.24% and Power Grid Corp down by 0.11% were the top losers.

Meanwhile, the Reserve Bank of India (RBI) in its latest article on the state of the economy, published in the September bulletin, has said prospects are brightening for the Indian economy achieving ‘escape velocity’ from the pandemic as the second wave of COVID-19 wanes and preparedness for future remains on war-alert status. It said aggregate demand is gaining firmer ground, while on the supply side, IIP and core industries mirror improvement in industrial activity and services sector indicators point towards sustained recovery.

It mentioned ‘In August, we believe that India passed a turning point which consolidates and thrives come September.’ Further, it said the trajectory of inflation is shifting down more favourably than anticipated. It stated as pandemic scars heal and supply conditions are restored with productivity gains, a sustained easing of core inflation can be expected, which will reinforce the growth-supportive stance of monetary policy.

Besides, the article said domestic economic conditions rounded a turning point in August as growth impulses gathered momentum with the progressive opening up of the economy and scaling up of the vaccination drive. On aggregate demand, it said e-way bills remained above pre-pandemic levels of February 2020, signalling higher GST collections going forward. Besides, retail sales of motor vehicles registered growth over a low base in August last year; railways freight continued to be impressive; and fast-moving consumer goods sector surged, among others. Also, merchandise exports continued with their stellar performance.

The CNX Nifty is currently trading at 17732.10, up by 102.60 points or 0.58% after trading in a range of 17691.00 and 17748.95. There were 42 stocks advancing against 8 stocks declining on the index.

The top gainers on Nifty were ITC up by 2.67%, Bajaj Finance up by 2.54%, Bajaj Finserv up by 1.72%, Titan Co up by 1.59% and Eicher Motors up by 1.41%. On the flip side, Tata Steel down by 1.66%, JSW Steel down by 1.05%, Indusind Bank down by 0.59%, NTPC down by 0.48% and Hindalco down by 0.46% were the top losers.

Asian markets are trading Mixed; Nikkei 225 rose 159.38 points or 0.53% to 30,482.72, Taiwan Weighted gained 108.42 points or 0.63% to 17,387.12, Hang Seng surged 116.51 points or 0.47% to 24,784.36 and KOSPI added 6.35 points or 0.04% to 3,131.39, However, Shanghai Composite dropped 21.38 points or 0.59% to 3,585.71, Straits Times fell 0.46 points or 0.02% to 3,064.08 and Jakarta Composite lost 6.52 points or 0.11% to 6,103.42.

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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

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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