Market Commentary

Daily Market Commentary - Dec 8, 2022 - Bonanza Portfolio

Posted On : 2022-12-08 18:46:49( TIMEZONE : IST )

Daily Market Commentary - Dec 8, 2022 - Bonanza Portfolio

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

Indian indices opened on flat note today, amid mixed global cues. At the time of closing, Nifty was up by 48.85 points or 0.26% to close at 18,609.35 and Sensex was up by 160 points or 0.26% to close at 62,570.68.

During the day, The central government plans to keep its focus on infrastructure growth in the upcoming budget by allocating 30% more funds for the highways ministry to speed up construction to more than 50 km of highways every day. HDFC Bank informed that a Joint Company Scheme Petition has been e-filed with NCLT, in accordance with Sections 230-232 of the Companies Act, 2013 and rules thereunder by HDFC Investments Limited (HIL) and HDFC Holdings Limited (HHL) HDFC Limited and HDFC Bank seeking the sanction of the NCLT for the Scheme. TVS Motor (Singapore) Pte. Limited, a wholly-owned subsidiary of TVS Motor has acquired 100% stake in BBT 35/22 Vermögensverwaltungs GmbH, a German Company. Metro Brands completes 100% acquisition of Cravatex Brands. Mahindra Logistics incorporated MLL Global Logistics as a wholly-owned subsidiary in the UK.

The U.S. dollar remained weak on Thursday after sliding against major peers overnight for the first time this week as investors fretted about the potential for recession in the United States. The yen garnered support from a decline in Treasury yields amid bets the U.S. Federal Reserve will slow the pace of interest rate hikes but may keep rates high for longer. Major U.S. IT companies felt the burn of macroeconomic headwinds and prepared by trimming their employee strength through massive layoffs to improve margins. Asian equities rose, propped up by Hong Kong and China stocks amid growing optimism over an easing of COVID restrictions in the world's second-biggest economy even as fears of a slowdown and worries over Fed interest rate rises linger. On the sectoral front, the PSU bank index rose nearly %, bank, and Capital goods indices up 1% each. However, pharma index down 1%, power and realty indices down 0.5% each.

Nifty 50 top gainers are, Axis Bank, Indusind Bank, Eicher Motors, LT, and Hindalco while Sun Pharma, Divis Lab, Powergrid, HDFC Life, and TCS were among the top losers.

Source : Equity Bulls


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