Market Commentary

Daily Market Commentary - Sep 13, 2022 - Bonanza Portfolio

Posted On : 2022-09-13 19:29:55( TIMEZONE : IST )

Daily Market Commentary - Sep 13, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian Indices opened on a positive note today, with Nifty above 18,000. At the time of closing, Sensex ended the day 451.03 points higher at 60,566.16 while Nifty gained 130.50 points to close at 18,070.05.

During the day, India's headline retail inflation rate, Consumer Price Index, returned to 7% territory in August 2022 from a five-month low of 6.71% in July 2022. India's industrial growth, as per the Index of Industrial Production, slowed further in July to 2.4% from 12.7% in June 2022. The July 2022 industrial growth figure was well below the consensus estimate. Retail inflation rebounds in August, sparking fears of another 50 bps rate hike. India plans to pay about 200 billion rupees to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices, according to people familiar with the matter. The Chief Economic Advisor said India is not defending the rupee and the RBI is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends.

US consumers' inflation expectations slid further in August as gasoline prices extended their steep decline from June's record high. Consumers in August saw inflation at 5.75% over the next 12 months, down from 6.2% in July 2022 and the lowest rate since October 2021. Wall Street indexes posted a fourth straight session of gains overnight. Asia-Pacific markets were higher. On the sectoral front Financials, FMCG, Banks, Metals and Capital Goods added more than 0.5% each. The midcap and smallcap indices ended in the green.

Nifty 50 top gainers were Bajaj FinSv, Tata Consumers, Indusind bank, Britannia & Bharti Airtel while, Shree Cement, Cipla, Eicher Motors Divis Lab and BPCL were among the top losers.

Source : Equity Bulls


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