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Bears tighten grip over Indian markets

09 Oct 2023 Evaluate

Bears have tightened their grip over Indian equity markets, with both Sensex and Nifty extending their losses to trade near intraday low points, impacted by negative cues from other Asian markets amid rising geopolitical tensions in the Middle East and uncertainty over the Federal Reserve's rate hike path. Besides, heavy selling at Utilities, Power and PSU counters hit markets. The street failed to take relief from the Reserve Bank of India’s (RBI) bi-monthly consumer confidence survey (CCS) showing that consumer confidence for the September reverted to its recovery path after a brief pause in July 2023 round of the survey. The current situation index (CSI) reached a four-year high on the back of respondents' better assessment of current general economic situation and employment conditions in September 2023.

On the global front, Asian markets were trading mostly in red, after the average of household spending was down 2.5 percent on year in August, coming in at 293,161 yen. That beat expectations for a decline of 4.3 percent following the 5.0 percent decline in July. On a monthly basis, household spending jumped 3.9 percent - again topping forecasts for a gain of 0.9 percent following the 2.7 percent fall in the previous month. Meanwhile, the Hang Seng in Hong Kong resumed trading for afternoon trading. It was closed in the morning due to typhoon warnings.

The BSE Sensex is currently trading at 65628.03, down by 367.60 points or 0.56% after trading in a range of 65434.61 and 65789.98. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.16%, while Small cap index was down by 1.35%.

The only gaining sectoral indices on the BSE were IT up by 0.14% and TECK up by 0.11%, while Utilities down by 1.90%, Power down by 1.65%, PSU down by 1.57%, Capital Goods down by 1.40% and Industrials down by 1.37% were the top losing indices on BSE.

The top gainers on the Sensex were HCL Tech. up by 1.41%, TCS up by 0.91%, Hindustan Unilever up by 0.50%, Nestle up by 0.28% and Infosys up by 0.01%. On the flip side, SBI down by 1.55%, Tata Steel down by 1.51%, JSW Steel down by 1.44%, Mahindra & Mahindra down by 1.33% and Bajaj Finance down by 1.19% were the top losers.

Meanwhile, Reserve Bank of India (RBI) Governor Shaktikanta Das has said that India is poised to become the new growth engine of the world as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy. He said macroeconomic stability and inclusive growth are the fundamental principles underlying a country's progress. He also said ‘the policy mix that we have pursued during the recent years of multiple and unparalleled shocks has fostered macroeconomic and financial stability.’ He added that the external sector also remains eminently manageable.

Das further said the twin balance sheet stress that was encountered a decade ago has now been replaced by a twin balance sheet advantage with healthier balance sheets of both banks and the corporate. He observed that the global economy is slowing under the impact of tight financial conditions, protracted geopolitical tensions and increasing geo-economic fragmentation. He said global trade is contracting, headline inflation is easing but rules above the target in major economies.

The governor further said in contrast to global trends, domestic economic activity exhibits resilience on the back of strong domestic demand. Domestic demand conditions are expected to benefit from sustained buoyancy in services, revival in rural demand, consumer and business optimism, the government’s thrust on capex, and healthy balance sheets of banks and corporates. He added that headwinds from global factors like geopolitical tensions, volatile financial markets and energy prices, and climate shocks pose risks to the growth outlook.

The CNX Nifty is currently trading at 19537.50, down by 116.00 points or 0.59% after trading in a range of 19480.50 and 19588.95. There were 9 stocks advancing against 41 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 1.55%, HCL Tech. up by 1.40%, TCS up by 0.93%, ONGC up by 0.85% and Hindustan Unilever up by 0.49%. On the flip side, Adani Ports & SEZ down by 3.98%, Hero MotoCorp down by 3.35%, BPCL down by 2.26%, SBI down by 1.54% and Tata Steel down by 1.51% were the top losers.

Asian markets were trading mostly in red; Hang Seng declined 5.85 points or 0.03% to 17,480.13, Straits Times fell 5.77 points or 0.18% to 3,168.62 and Shanghai Composite weakened 13.56 points or 0.44% to 3,096.92. However, Jakarta Composite gained 30.78 points or 0.45% to 6,919.30.

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
Registration:	Non-Individual
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.
Disclaimer:	Registration granted by SEBI, enlistment with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

SEBI regional/local office address -

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

Address:

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

Data provided by Accord Fintech Pvt. Ltd.

*Color code for outperformance consistency

*Number is average 3 year rolling returns

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