Daily Market Commentary - Dec 14, 2022 - Bonanza Portfolio

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

Indian indices opened on a positive note with Nifty around 18650. At the time of closing, the Sensex was up 144.61 points or 0.23% at 62,677.91, and the Nifty was up 52.30 points or 0.28% at 18,660.30.

During the day, the Indian Energy Exchange (IEX) has become a Carbon Neutral Power Exchange. IEX is now India's first carbon-neutral Power Exchange, using market-based tradable instruments to offset its carbon emissions. More than 150 stocks touched their 52-week high on the BSE during the day. The Nifty 50 stock index may gain as much as 5.9 percent from its current 52-week high and touch 20,000 next year, driven by inflows from foreign institutional investors, BofA Securities said. Government extends last date for submission of EoIs for IDBI Bank sale to January 7 from December 16.

Britain's annual rate of consumer price inflation fell more sharply than expected in November to 10.7%, slipping from October's 41-year high of 11.1%. Core CPI - which excludes energy, food, alcohol and tobacco prices, and which some economists think gives a better indication of longer-term price trends - dropped to 6.3% in November. U.S. consumer prices rose less than expected for a second straight month in November amid decreases in the costs of gasoline and healthcare as well as used cars and trucks, leading to the smallest annual increase in inflation in nearly a year. The CPI increased 0.1% last month after advancing 0.4% in October. Federal Reserve policymakers are still seen raising the policy rate by a 0.5% point to a range of 4.25%-4.5%. On the sectoral front, except FMCG all other indices ended in the green with metal, IT, realty up 1% each.

Nifty 50 top gainers are Hindalco Industries, ONGC, UPL, Tech Mahindra and JSW Steel while Nestle India, ICICI Bank, Bharti Airtel, HUL and Asian Paints were among the top losers.

Source : Equity Bulls

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