HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Bears tighten grip on Dalal Street
Jun-21-2019

Bears have tighten their grip on Dalal Street in late afternoon deals, with Sensex and Nifty extending their losses, despite firm opening in European markets. Trading sentiments remained dampened with Reserve Bank of India Governor Shaktikanta Das’ statement that the Indian economy has been clearly losing traction and needs a decisive monetary policy to promote growth. He also favoured shifting the stance of monetary policy from neutral to accommodative to send a clear signal, indicating that more measures could be taken in the near future to boost growth. The street paid no heed towards the Retirement fund body, Employment Provident Fund Organisation’s (EPFO) latest ‘Provisional Estimate of Net Payroll’ data report which showed that India created 10,43,044 new jobs in the first month of current fiscal i.e. April 2019. The job creation for the last fiscal (2018-19) stood at 61,12,223.

On the global front, European markets were trading in green, as the euro area private sector expanded at the fastest pace in seven months in June, as growth in the service sector offset the fall in manufacturing. The flash survey data from IHS Markit showed that the composite output index rose to a 7-month high of 52.1 in June from 51.8 a month ago. However, Asian markets were trading in red. Back home, stocks related to logistic industry were in focus, amid reports that the Indian logistics and warehousing sector is expected to grow to $215 billion by 2020.

The BSE Sensex is currently trading at 39238.55, down by 363.08 points or 0.92% after trading in a range of 39178.61 and 39617.95. There were 6 stocks advancing against 25 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.45%, while Small cap index was up by 0.04%.

The few gaining sectoral indices on the BSE were Basic Materials up by 0.35% and PSU up by 0.21%, while Auto down by 1.39%, Consumer Disc down by 0.87%, Healthcare down by 0.77%, Telecom down by 0.73% and TECK down by 0.69% were the top losing indices on BSE.

The top gainers on the Sensex were Indusind Bank up by 1.04%, SBI up by 1.03%, ONGC up by 0.38%, Axis Bank up by 0.25% and Vedanta up by 0.15%. On the flip side, Yes Bank down by 3.84%, Maruti Suzuki down by 3.57%, HDFC down by 2.67%, Sun Pharma down by 2.09% and Hero MotoCorp down by 1.93% were the top losers.

Meanwhile, the Retirement fund body, Employment Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 10,43,044 new jobs in the first month of current fiscal i.e. April 2019. The job creation for the last fiscal (2018-19) stood at 61,12,223.

As per the report, the maximum jobs were created in the age bracket of 22-25 and in this bracket the top 10 sectors which have created more fresh jobs include Expert Services, Trading - Commercial Establishments, Engineers- Engineering Contractors, establishments engaged in Manufacturing- Marketing Servicing & Usage of Computers, Electric-Mechanical-or General Engineering Products, Building & Construction Industry, Financing Establishment, Hospitals, Banks Other Than Nationalised Banks and Others. In the similar age bracket, Maharashtra was the first among the States to create maximum payroll, followed by Karnataka, Gujarat, Tamil Nadu, Delhi and Telangana.

According to the data report, 11,585 new jobs were created in less than 18 age group category, while 2,56,436 jobs in 18-21 age group category. Further, 22-25 age, 26-28 age, 29-35 age and more than 35 age group category witnessed 2,66,901, 1,33,345, 1,91,741 and 1,83,036 new payrolls respectively in April 2019.

The CNX Nifty is currently trading at 11741.95, down by 89.80 points or 0.76% after trading in a range of 11716.75 and 11827.95. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were UPL up by 3.71%, Indiabulls Housing Finance up by 2.80%, Hindalco up by 1.70%, Ultratech Cement up by 1.16% and Tech Mahindra up by 1.10%. On the flip side, Yes Bank down by 3.80%, Maruti Suzuki down by 3.25%, HDFC down by 2.77%, Bharti Infratel down by 2.37% and Sun Pharma down by 2.11% were the top losers.

Asian markets were trading mostly in red: KOSPI fell 5.67 points or 0.27% to 2,125.62, Straits Times trembled 1.89 points or 0.06% to 3,312.62, Hang Seng decreased 104.09 points or 0.36% to 28,446.34, Nikkei 225 slipped 204.22 points or 0.95% to 21,258.64 and Jakarta Composite was down by 45.24 points or 0.71% to 6,290.46. On the flip side, Taiwan Weighted strengthened 18.76 points or 0.17% to 10,803.77 and Shanghai Composite was up by 6.90 points or 0.23% to 2,994.02.

All European markets were trading in green; FTSE added 10.23 points or 0.14% to 7,434.67, CAC gained 31.98 points or 0.58% to 5,567.55 and DAX was up by 44.49 points or 0.36% to 12,399.88.
  RELATED NEWS >>
Most Viewed >>
April 06 , 2024
RBI to allow UPI payments from PPI wallets via
April 06 , 2024
World markets today: US stocks surge on robust
April 04 , 2024
High valuations could tame the bull this fisca
April 06 , 2024
Cardless cash deposits via UPI apps: Everythin
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.