Market Commentary

Daily Market Commentary - June 7, 2022 - Bonanza Portfolio

Posted On : 2022-06-07 20:27:09( TIMEZONE : IST )

Daily Market Commentary - June 7, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian benchmark Indices open on a negative note today, with the Nifty around 16,450 amid mixed global trends. At the time of closing, Nifty50 was down by 153.20 points or 0.92% at 16,416.35 & Sensex was down by 567.98 points or 1.02% at 55,107.34. During the day, Finance Minister said retail investors to act as shock absorbers even when foreign portfolio investors continued to pull away amid volatility in the stock market. Oil prices inched higher on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply. In Asia, shares rose in Japan, while they wavered in South Korea, Hong Kong, Australia, and Shanghai. The U.S. dollar rose to a two-week high as rising U.S. Treasury yields supported the greenback, pushing the Japanese yen to its lowest level against the dollar in two decades. The yen is sensitive to interest rate differentials between Japanese debt and U.S. bonds. The rupee opens at 77.72 per US dollar against the June 6 close of 77.63 per US dollar. On the sectoral front, other than Auto all the sectors end in red realty, IT, and capital goods are top losers.

Nifty 50 top gainers are ONGC, NTPC, Coal India, Maruti & HeroMotoCo while Titan, UPL, DrReddy, Britannia & LT were among the top losers.

Source : Equity Bulls


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