Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian indices opened higher with the Nifty above 16100. AT the time of closing, the Sensex was down by 372.46 points or 0.69% at 53,514.15, and the Nifty was down by 91.60 points or 0.57% at 15,966.70. During the day, Benchmark indices ended lower for the third consecutive session. India's headline retail inflation rate, Consumer Price Index (CPI), was unchanged at 7.01% in June from 7.04% in May.
India's industrial growth, as per the Index of Industrial Production (IIP), surged to 19.6% in May from 7.1% in April, May's industrial growth rate is the highest in one year. IIP growth in May 2021 was 27.6%. India's 10-year bond yield fell nearly 4 bps as consumer price inflation (CPI) rose slower than expected in June but remained beyond the central bank's tolerance band. GST: Group of Ministers to finalize a report on casinos and online gaming by Aug 10. Trade data for April and May show that India's exports to China contracted about 31% to $3.07 billion while imports climbed 12.8% to $15.39 billion. India's trade deficit with China widened sharply in the first two months of the current financial year as imports grew and exports fell. OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still robust economic growth and progress in containing COVID-19 in China. Chinese financial markets are flashing warning signs that another round of Covid shutdowns could create more turmoil for the economy.
On the sectoral front, FMCG, metal, and pharma indices ended with nearly a % gain, while the oil & gas and power index down 1% each.
Nifty 50 top gainers are Divis Labs, JSW Steel, HUL, Cipla and Asian Paints. While IndusInd Bank, HDFC, Bharti Airtel, HDFC Bank and Reliance Industries were among the top Nifty losers.