Market Commentary

Daily Market Commentary - Sep 19, 2022 - Bonanza Portfolio

Posted On : 2022-09-19 17:58:21( TIMEZONE : IST )

Daily Market Commentary - Sep 19, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian Indices open on a flat note with Sensex around 58,850 & Nifty around 17,550. At the time of closing, the Sensex was up 300.44 points or 0.51% at 59,141.23, and the Nifty was up 91.50 points or 0.52% at 17,622.30.

During the day, Indian benchmark indices broke 3-day losing streak and ended higher. India's foreign exchange reserves declined by $2.234 billion to stand at $550.871 billion for the week ended September 9, RBI. The fall in the reserves was on account of a dip in the foreign currency assets, a major component of the overall reserves. India's current account deficit, a key indicator of the balance of payment of a country, is likely to remain within 3% of the GDP in 2022-23 as against 1.2% during the last fiscal. The widening trade deficit, or the gap between the value of imports and exports, puts pressure on the balance of payments. Gross direct tax collections grew 30% to Rs 8.36 lakh cr. till 17 Sept. of the current fiscal year on increased advance tax mop-up.

Goldman Sachs Group Inc. cut its US economic growth estimates for 2023. US GDP will increase 1.1% in 2023, compared with a forecast of 1.5% previously. The projection for 2022 was left unchanged at 0%. The dollar held about 1% below a two-decade peak v/s major peers at the start of a week that saw some dozen central bank decisions, headlined by the Federal Reserve. The dollar index, which measures the currency against six counterparts, was 0.09% stronger. On the sectoral front, Metal and Realty indices shed 1%, while FMCG and PSU Bank indices rose 1% - 2% each.

Nifty 50 top gainers are M&M, Bajaj Finance, SBI Life Insurance, Adani Ports and HUL while Tata Steel, Tata Motors, Britannia Industries, Power Grid Corporation and ICICI Bank were among the top losers.

Source : Equity Bulls


DailyMarketCommentary BonanzaPortfolio Nifty Sensex