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Domestic bourses trade with traction; scale fresh peaks

26 Jun 2024 Evaluate

Key domestic benchmarks are hitting record highs and are trading with traction in noon deals as traders are seen taking bullish bets in fundamentally strong stocks on hopes of continuity in reforms and focus on 100-day agenda of NDA government. Sentiments remained optimistic after Reserve Bank of India in its data said that India’s financial position with the rest of the world improved over the year. The country increased its overseas assets more than it increased its foreign liabilities, largely due to a rise in reserve assets. During the financial year 2023-24, the net claims of non-residents on India decreased by $5.5 billion.

Global cues too aided sentiments with most of the Asian counters trading in green at this point of time ahead of the release of some crucial economic data form the US, including a report on personal income & spending due later in the week. Back home, stocks related to Textile sector remained in limelight after Textiles Minister Giriraj Singh has said the government has approved over Rs 10,000 crore production linked incentive (PLI) scheme for textiles and now considering to extend it to the garments sector with a view to boosting domestic manufacturing and exports.

The BSE Sensex is currently trading at 78494.20, up by 440.68 points or 0.56% after trading in a range of 77945.94 and 78556.33. There were 24 stocks advancing against 6 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.12%, while Small cap index was up by 0.50%.

The top gaining sectoral indices on the BSE were Energy up by 0.90%, Oil & Gas up by 0.64%, Telecom up by 0.62%, Bankex up by 0.48% and Utilities up by 0.45%, while Metal down by 1.02%, Realty down by 0.64%, Consumer Durables down by 0.10%, Consumer Discretionary Goods & Services down by 0.06% and Healthcare down by 0.03% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 3.31%, Reliance Industries up by 2.01%, Nestle up by 1.32%, Indusind Bank up by 1.24% and Maruti Suzuki up by 1.19%. On the flip side, Tata Steel down by 1.45%, Mahindra & Mahindra down by 0.69%, Titan down by 0.41%, JSW Steel down by 0.40% and HCL Tech down by 0.30% were the top losers.

Meanwhile, amid a debate over the possible disenchantment among agriculturists because of the policy focus on arresting price rise, Reserve Bank of India (RBI) Governor Shaktikanta Das has said that lower inflation is also beneficial to the farmers. He said ‘Let us also remember, that the farmer is also a consumer. Apart from wheat, he buys so many other things for his day to day living. It is also in the interest of farmers to have a low inflation.’

Das said policymakers always grapple with the dilemma of balancing out between multiple objectives, and keeping the agricultural produce prices low to serve the consumers while depressing the farmers’ incomes is one such conundrum. He also said any government has to move forward in a ‘balanced manner’, and weigh in the interest of the farmers with that of the consumers. He noted that if the headline inflation comes down from 6 per cent to 4 per cent, it will increase the purchasing power of each of the 140 crore Indians, which will in turn have ripple effects that will benefit purchasing power, consumption, growth and also employment.

However, the Governor said that there is still a lot of work remaining to be done even though there have been some successes. He said a lot of achievements have been made, but agriculture sector there is still a lot of work to be done especially with regard to improvement of the supply chains and the value chain framework. He added that the sector has become much more climate resilient in recent years.

The CNX Nifty is currently trading at 23828.80, up by 107.50 points or 0.45% after trading in a range of 23670.45 and 23842.90. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Ultratech Cement up by 3.27%, Reliance Industries up by 1.98%, Indusind Bank up by 1.34%, Kotak Mahindra Bank up by 1.29% and BPCL up by 1.28%. On the flip side, Apollo Hospital down by 1.72%, Hindalco down by 1.42%, Tata Steel down by 1.41%, Bajaj Auto down by 1.24% and Cipla down by 0.83% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 surged 493.92 points or 1.25% to 39,667.07, Taiwan Weighted added 110.72 points or 0.48% to 22,986.69, Hang Seng advanced 73.45 points or 0.4% to 18,146.35, Jakarta Composite gained 42.26 points or 0.61% to 6,924.96, Shanghai Composite strengthened 24.31 points or 0.82% to 2,974.31 and KOSPI was up by 17.66 points or 0.63% to 2,792.05. On the flip side, Straits Times was down by 4.12 points or 0.12% to 3,322.16.

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
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BSE Enlistment No:	1187
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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
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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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