Market Commentary

Daily Market Commentary - Oct 6, 2022 - Bonanza Portfolio

Posted On : 2022-10-06 21:16:41( TIMEZONE : IST )

Daily Market Commentary - Oct 6, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note today with Nifty above 17400. At the time of closing, Sensex was up 156.63 points or 0.27% at 58,222.10, and the Nifty was up 57.50 points or 0.33% at 17,331.80.

During the day, Indian benchmark indices ended on a positive note in the volatile session. India September Services PMI at 54.3 versus 57.2 and Composite PMI at 55.1 versus 58.2 MoM. Global bond funds saw the biggest outflows in two decades in the first three quarters of this year as hefty interest rate increases by central banks to tame inflation sparked fears of a recession. OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.

US private employers stepped up hiring in September, suggesting demand for workers remains strong despite rising interest rates and tighter financial conditions. Private employment rose by 208,000 jobs last month. Data for August was revised higher to show 185,000 jobs created instead of the previously reported 132,000. The growth in world trade is expected to slow down to 1% in 2023, due to global uncertainties, according to a WTO forecast. The World Trade Organization (WTO) has also projected a growth of 3.5% in global trade this year, as against the April estimate of 3%. World trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023, as multiple shocks weigh on the global economy, the multi-lateral body has said in a statement. On the sectoral front, FMCG and pharma ended marginally lower, while metal, realty, capital goods up 2-3%.

Nifty 50 top gainers are JSW Steel, Hindalco Industries, Coal India, Tata Steel and Larsen and Toubro while Bharti Airtel, HUL, HDFC, IndusInd Bank and Britannia Industries were among the top losers.

Source : Equity Bulls


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