Daily Market Commentary - May 4, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian indices opened a gap down on the back of high volatility and weak global cues. The Sensex was down 1307 points or 2.29% at 55669, and the Nifty was down 392 points or 2.29% at 16677. The Reserve Bank of India announced a 40-basis-point hike in the key lending rate and raised the cash reserve ratio by 50 basis points in an unscheduled announcement on May 4. The revised repo rate now stands at 4.40 percent and the CRR at 4.5 percent. Investors were cautious ahead of the Federal Reserve outcome. The Fed is widely expected to hike the rates by 50 basis points, the biggest such adjustment in more than two decades.

On the sectoral front almost all sectors in red, Oil and gas, PV banks, Energy, Financial, realty and Infra indices fall down more than 2.5% and above, while PSE index up 0.11%.

In Nifty 50 top gainers ONGC, Britannia, Power grid, Kotak Mahindra bank and NTPC. The losers are Apollo hospital, Adani ports, Bajaj finance, Indusind bank and Hindalco.

Source : Equity Bulls

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