Market Commentary

Daily Market Commentary - June 24, 2022 - Bonanza Portfolio

Posted On : 2022-06-24 21:57:21( TIMEZONE : IST )

Daily Market Commentary - June 24, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head - BONANZA PORTFOLIO LTD

Indian indices opened on a positive note with Nifty above 15,700 on the back of positive global cues. At the time of closing Sensex was up by 462.26 points or 0.88% at 52,727.98, and Nifty was up by 142.60 points or 0.92% at 15,699.30.During the day, Benchmark indices ended higher for the second consecutive day. India's Retail inflation came in at 7.04% in May, easing from a near-eight-year high of 7.79% in the previous month. Inflation, however, has remained above the RBI's medium-term target of 4% for 32 consecutive months. The Indian economy can grow by 7% - 7.8% this fiscal on the back of better agriculture production and a revitalized rural economy amid global headwinds mainly due to the ongoing Russia-Ukraine war. Pakistan slaps 10% super tax on large scale industries, stocks nosedive. Japan's annual core consumer inflation topped the central bank's target for a second straight month in May, data showed on Friday, highlighting the intensifying pressure on the country's fragile economy from soaring global raw material costs. Indian rupee opened 9 paise higher at 78.22 per dollar on Friday against Thursday's close of 78.31. On the sectoral front, auto, oil & gas, power, bank, metal and FMCG indices up 1% each, while selling was seen in the IT sector.

Nifty 50 top gainers are M&M, HeroMotoCo, IndusindBk, BajajFinance & HUL while TechM, Infy, ApolloHosp, NTPC & TCS were among the top losers.

Source : Equity Bulls


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