Daily Market Commentary - Dec 6, 2022 - Bonanza Portfolio

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

Indian indices opened on a negative note today with Nifty around 18600. At the time of closing, Sensex was down by 208.24 points or 0.33% to close at 62,626.36 and Nifty was down by 58.30 points or 0.31% to close at 18,642.75.

During the day, India's economy is expected to grow 6.9% in the current fiscal year, the World Bank said in a report, citing tightening monetary policy and high commodity prices as factors impacting the country's growth. RBI is likely to soften the pace of its rate hike in the upcoming MPC meeting as inflation is expected to moderate in the coming months given that global commodity prices and the domestic wholesale prices have softened from the peak witnessed early this year. Life Insurance Corporation of India bought additional 2.14 lakh shares (0.012%) stake in HDFC via open market transactions.

World GDP forecasts for 2023 have been revised down again as central banks intensify their fight against inflation and the outlook for China's property market deteriorates. Fitch now expects world GDP to grow by 1.4% in 2023, revised down from 1.7% in the September 2022 GEO. British consumer spending ticked up last month at a rate that greatly lagged behind inflation. S&P Global's final composite Purchasing Managers' Index (PMI) for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November from October's 23-month low of 47.3, matching a preliminary estimate. Japanese household spending rose BY 1.2% for a fifth straight month in October from a year earlier. On the sectoral front, Metal and information technology indices shed 1% each, while PSU bank index was up 1%.

Nifty 50 top gainers are Adani Enterprises, Hindustan Unilever, Nestle India, Ultra Tech Cement, and Bajaj Auto while BPCL, Hindalco, Tata Steel, Dr. Reddy, and UPL were among the top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty Sensex BonanzaPortfolio