Daily Market Commentary - Nov 30, 2022 - Bonanza Portfolio

Mr. Jitendra Upadhyay, Sr. Equity Research Analyst, BONANZA PORTFOLIO LTD

Indian indices opened on a flat note amid mixed global cues. At the time of closing, the Sensex was up 417.81 points or 0.67% at 63,099.65, and the Nifty was up 140.30 points or 0.75% at 18,758.30.

During the day, Indian benchmark indices ended higher. Annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded. Asia's third-largest economy is expected to post annual growth of 6.2% in the three months to Sept. 31, down from explosive growth of 13.5% in the previous quarter. The gross domestic product data will cast light on the health of the economy as pandemic-related disruptions ease. SEBI has approved the change in control of IDFC Mutual Fund. Alibaba, which owns about 13% stake in restaurant aggregator and food delivery unicorn Zomato through two of its subsidiaries, will sell shares worth $200 million through a block deal on November 30.

The Federal Reserve is likely to raise rates by 50 bps in Dec 22 policy, hiking overnight rates by a cumulative 425 bps during CY 2022. The average CPI in India for FY24 is expected in the band of 5.00-5.25%. The China November Composite PMI was at 47.1. South Korea's factory output dropped in October by more than expected and at the fastest pace in nearly 2-1/2 years. The country's industrial output fell by a seasonally adjusted 3.5% in October from a month earlier, accelerating from a revised 1.9% decline in September. Asia-Pacific shares were mixed on Wednesday ahead of the release of data on China's November factory activity. In Australia, the S&P/ASX 200 pared earlier losses and traded 0.18% higher after reporting lower-than-expected monthly inflation data. On the sectoral front, except PSU bank, all other sectoral indices ended in the green.

Nifty 50 top gainers are Mahindra & Mahindra, Hindalco, Grasim, SBI Life and Ultra Cements while IndusInd Bank, State Bank of India, HCL Tech and ITC were among the top losers.

Source : Equity Bulls

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