The impacting Environment: Pandemic Virus is deep rooted:
The total COVID-19 confirmed cases worldwide stood at 18,480,000 with 700,647 deaths. India reported 5,86,244 active cases of COVID-19 infection and 39,795 deaths while 12,82,215 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
The economy worldwide is not in a desirable levels and India is also not an exception. The death toll is threatening despite the aggressive steps being taken by the State and Union Govts. The US is tightening its belt towards China and the latter is in a mood to retaliate. Demand consumption is up but not to the levels expected.
Global Markets indicate that all is not well although some green shoots appear here and there but disappear soon like mirages.
Most shares in Europe and Asia advanced on Wednesday. Growth in China’s services sector slowed in July from a decade high the previous month. The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 54.1 from June’s 58.4, which was the highest reading since April 2010. The 50-mark separates growth from contraction on a monthly basis.
US stock market ended higher after a choppy session on Tuesday, lifted by Apple and energy stocks but limited by declines in AIG and Microsoft.
White House negotiators late Tuesday vowed to work around the clock to reach a spending deal by the end of the week, but the Treasury Secretary warned they were not going anywhere close to the $3.4 trillion Democratic leaders sought.
Meanwhile, senior U.S. and Chinese officials will reportedly review the implementation of their Phase 1 trade deal and likely air mutual grievances in an increasingly tense relationship during an August 15 video conference. U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He, the principal negotiators for the two countries, will participate in the meeting, an initial six-month review of the pact activated on February 15.
Coming to our ground level, the IHS Market India Services Business Activity Index registered 34.2 in July, and despite rising slightly from 33.7 in June, signaled a further rapid reduction in service sector output. Moreover, the latest reading was among the lowest recorded in nearly 15 years of data collection, surpassed only by the unprecedented falls in the previous three months. With overall demand conditions severely muted, service providers made further job cuts in July 2020.
The Composite PMI Output Index, which measures combined services and manufacturing output, signalled a further rapid contraction in private sector bsiness activity in July. Falling from 37.8 in June 2020 to 37.2 in July 2020.
The domestic equity benchmarks were trading with minor gains in afternoon trade. Weak domestic economic data dented investors sentiment. At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 46.26 points or 0.12% at 37,734.17. The Nifty 50 index added 21.70 points or 0.22% at 11,120.95. The broader market was trading higher. The S&P BSE Mid-Cap index gained 0.66% while the S&P BSE Small-Cap index rose 0.83%.The market breadth was positive. On the BSE, 1510 shares rose and 954 shares fell. A total of 156 shares were unchanged. The market ended on positive note although there was violent swings both ways.
So investors are well advised to be cautious and limit their intra-day volume as the markets are directionless.
For all your investment needs feel free to reach Goodwill.
Give us Missed Call us on 90037 90027 . For Support : 044-40329999
