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Markets witness recovery; continue to trade in red

18 Jan 2024 Evaluate

Indian equity benchmarks witnessed recovery from morning selloff as traders opted to buy beaten down but fundamentally strong stocks. However, domestic indices still trading in red on account of sluggish global cues, sharp selling in frontline banks and information technology stocks. Sentiments remain dampened after US Federal Reserve governor Christopher Waller’s recent comments that a pivot in the monetary policy may come slower than anticipated. As hopes of a rate cut in March begin to fade, the yields on the US benchmark 10-year treasury bonds bounced back to levels above 4 percent. Currently, the yields are firm at 4.09 percent. Back home, foreign fund outflows continue to dent sentiments. Provisional data from the NSE showed that foreign institutional investors (FIIs) sold shares worth Rs 10,578.13 crore on January 17. Traders took note of Governor Shaktikanta Das’ statement that consumer price index-based inflation, the main yardstick for the Reserve Bank of India’s policy making, is likely to average 4.5 per cent in the next financial year and gross domestic product (GDP) growth is likely to stay above 7 per cent.

The BSE Sensex is currently trading at 71229.84, down by 270.92 points or 0.38% after trading in a range of 70665.50 and 71237.93. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.51%, while Small cap index was down by 0.33%.

The few gaining sectoral indices on the BSE were Telecom up by 0.47%, Oil & Gas up by 0.12% and Bankex up by 0.07%, while Utilities down by 1.44%, Consumer Durables down by 1.19%, Power down by 1.11%, Metal down by 0.94% and Basic Materials down by 0.71% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.74%, Axis Bank up by 1.82%, Sun Pharma up by 1.04%, ICICI Bank up by 0.91% and Tata Motors up by 0.83%. On the flip side, Asian Paints down by 2.78%, NTPC down by 2.42%, HDFC Bank down by 2.16%, Indusind Bank down by 1.65% and Power Grid down by 1.63% were the top losers.

Meanwhile, rating agency ICRA has said private hospital chains are expected add over 30,000 beds at an investment of Rs 32,500 crore in the country over the next four to five years. It expects the aggregate occupancy for its sample set companies to remain healthy at 64-65 per cent in FY24 backed by sustained healthy demand for healthcare services, continued market share gains for organised players and revival in medical tourism after the pandemic.

ICRA Assistant Vice President & Sector Head Mythri Macherla said metro cities are expected to remain focal points for this capacity expansion. Mythri said centres such as Delhi-NCR, Mumbai, and Bengaluru are expected to witness sizeable bed additions in the next few years.

She said in addition to setting up new greenfield and brownfield facilities to enhance their capacities, hospital chains are also looking at inorganic opportunities, which have led to increasing consolidation in the industry in the last two years. She added Mergers and acquisitions aid hospital chains in diversifying their geographic reach and/or speciality mix in addition to increasing their scale of operations.

The CNX Nifty is currently trading at 21488.05, down by 83.90 points or 0.39% after trading in a range of 21285.55 and 21488.80. There were 18 stocks advancing against 32 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 2.68%, Axis Bank up by 2.13%, Sun Pharma up by 1.11%, BPCL up by 1.03% and Tata Motors up by 0.92%. On the flip side, LTIMindtree down by 9.96%, Asian Paints down by 2.76%, NTPC down by 2.23%, HDFC Bank down by 2.04% and Power Grid down by 1.76% were the top losers.

Asian markets are trading mixed; Taiwan Weighted added 82.17 points or 0.48% to 17,243.96, Jakarta Composite gained 47 points or 0.65% to 7,247.64, Hang Seng advanced 14.57 points or 0.1% to 15,291.47 and KOSPI was up by 1.79 points or 0.07% to 2,437.69. On the flip side, Straits Times fell 14.46 points or 0.46% to 3,127.76, Nikkei 225 slipped 42.74 points or 0.12% to 35,435.01 and Shanghai Composite was down by 60.41 points or 2.13% to 2,773.21.

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

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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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