Daily Market Commentary - Nov 18, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note on Nifty around 18400. At the time of closing, the Sensex was down 87.12 points or 0.14% at 61,663.48, and the Nifty was down 36.20 points or 0.20% at 18,307.70.

During the day, The Securities and Exchange Board of India asked Malaysia's IHH Healthcare Berhad to obtain an order from the Delhi High Court to allow the company to proceed with its proposed open offer for a 26.1 percent stake in Fortis Healthcare. Blackstone, the world's largest real estate investor, and India's biggest corporate landlord, has filed draft papers with market regulator Securities and Exchange Board of India for India's first-ever pure-play retail mall REIT (real estate investment trust) IPO. If plans fructify, this would be the private equity giant's third REIT listing in India. "The e-filing of the DRHP (draft red herring prospectus) has been done with Sebi. The plan is to raise $500 million via the proposed IPO which will involve a $200 million primary component and a $300 million secondary component."

The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that have raised fears of an imminent recession. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 222,000 for the week ended November 12, the Labor Department said on Thursday. The Federal Reserve may have to raise its benchmark interest rate much higher than it has previously projected to get inflation under control. Japan's core consumer inflation accelerated to a 40-year high in October as a weak yen pushed up the cost of imported commodities, which were already surging due to global supply constraints. The nationwide core consumer price index (CPI) in Japan, which excludes volatile fresh food prices but includes energy, was 3.6% higher in October than a year earlier, versus a 3.5% rise expected by economists. On the sectoral front, Except for Realty and PSU Bank, all other sectoral indices ended in the red.

Nifty 50 top gainers are HCL Tech, Asian Paints, HUL, SBIN, and Infy while Mahindra & Mahindra, Bajaj Auto, NTPC, Bajaj Finance, and Indusind Bank were among the top losers.

Source : Equity Bulls

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