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Markets manage to trade in fine fettle in volatile day of trade

22 Dec 2023 Evaluate

Indian equity benchmarks managed to trade in fine fettle in last leg of trade in extremely volatile session. The markets were witnessing volatility amid an anticipated global investor slowdown pre-holiday season. Buying in Technology and metal counters helped markets to trade in fine fettle. However, some cautiousness remained on the street as Crude oil futures surged due to Red Sea route avoidance post-Houthi militant attacks, impacting MCX January and February crude futures.

On the global front, European markets were trading in red as investors await the last key U.S. inflation reading before Christmas. Britain's gross domestic product shrank in the July-to-September period and was flat in the previous three months, that suggested the economy might now be in a recession. Meanwhile, Asian markets were seeing modest gains in cautious trade and the dollar hovered around four-month lows while gold hit its highest level in nearly three weeks on growing bets the Fed will cut interest rates early next year.

The BSE Sensex is currently trading at 71043.11, up by 178.01 points or 0.25% after trading in a range of 70713.56 and 71259.55. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.55%, while Small cap index was up by 0.75%.

The top gaining sectoral indices on the BSE were Realty up by 2.14%, Metal up by 1.72%, IT up by 1.37%, TECK up by 1.36% and Auto up by 1.27%, while Bankex down by 0.42%, Utilities down by 0.11% and Power down by 0.08% were the few losing indices on the BSE.

The top gainers on the Sensex were Wipro up by 5.78%, Tata Motors up by 2.25%, Maruti Suzuki up by 2.23%, HCL Tech up by 1.80% and Tata Steel up by 1.79%. On the flip side, Bajaj Finance down by 1.11%, ICICI Bank down by 0.89%, SBI down by 0.78%, HDFC Bank down by 0.65% and Power Grid down by 0.47% were the top losers.

Meanwhile, an article written by Chief Economic Adviser (CEA) V Anantha Nageswaran and Senior Adviser Rajiv Mishra said that the methodologies used by global credit rating agencies are heavily loaded against developing nations and there is a pressing need to reform the rating process to make them more transparent. It said the rating of India remained static at 'BBB-' during the last 15 years, despite it climbing the ladder from being the 12th largest economy in the world in 2008 to the 5th largest in 2023, with the second highest growth rate recorded during the period among all the comparator economies.

Thereby, the article said any improvement in macro-economic parameters may virtually mean nothing for a credit rating if qualitative parameters are judged to be in need of improvement. This has serious implications for developing sovereigns' access to capital markets and ability to borrow at affordable rates. It said over-reliance on non-transparent qualitative factors, including perceptions, value judgements, views of a limited number of experts, and surveys with loose methodologies in sovereign rating, results in unacceptable outcomes from a global point of view. It makes the rating of developing countries almost invariant with respect to even sizeable movements in relevant macroeconomic fundamentals. This happens because the base rating, estimated through quantitative scoring of macro-fundamentals, is overridden by qualitative considerations while finalising the published ratings.

Further, it said the set of loose qualitative information fed into the quantitative scoring of countries and the final qualitative overlay, based purely on the agency's subjective assessment of the countries' ability and willingness to pay, become heavily loaded against the developing countries. It also said given that private capital has a larger role to play in addressing global challenges over the coming decades, even a small reduction in the cost of borrowing for developing countries would go a long way. It noted that reforming the sovereign rating methodology to more accurately reflect a developing nation's default risk has the potential to save billions of dollars for borrowing countries. Thus, it said bringing about positive transformations in the rating process through greater accuracy and transparency has never been more crucial than it is now.

The CNX Nifty is currently trading at 21310.80, up by 55.75 points or 0.26% after trading in a range of 21232.45 and 21390.50. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Wipro up by 5.82%, Maruti Suzuki up by 2.19%, Tata Motors up by 2.12%, HCL Tech up by 2.02% and Britannia Industries up by 1.99%. On the flip side, Grasim Industries down by 2.22%, SBI Life Insurance down by 1.18%, Bajaj Finance down by 1.17%, HDFC Life Insurance down by 1.10% and ICICI Bank down by 0.96% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 28.58 points or 0.09% to 33,169.05, Taiwan Weighted added 52.89 points or 0.30% to 17,596.63, Straits Times rose 24.73 points or 0.79% to 3,137.23 and Jakarta Composite gained 27.90 points or 0.39% to 7,237.52. However, KOSPI decreased 0.51 points or 0.02% to 2,599.51, Shanghai Composite weakened 3.93 points or 0.13% to 2,914.78 and Hang Seng declined 280.72 points or 1.72% to 16,340.41.

European markets were trading lower; UK’s FTSE 100 decreased 8.82 points or 0.11% to 7,685.91, France’s CAC fell 9.78 points or 0.12% to 7,561.62 and Germany’s DAX was down by 29.52 points or 0.18% to 16,657.90.

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

*Color code for outperformance consistency

*Number is average 3 year rolling returns

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