Market Commentary

Daily Market Commentary - Dec 26, 2022 - Bonanza Portfolio

Posted On : 2022-12-26 19:47:29( TIMEZONE : IST )

Daily Market Commentary - Dec 26, 2022 - Bonanza Portfolio

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

Indian indices opened flat with positive bias amid mixed global cues. At the time of closing, Sensex up 721.13 points or 1.20% to close at 60,566.42, and Nifty gained 207.80 points or 1.17% to close at 18,014.60.

During the day, after rising for five consecutive weeks, India's forex kitty dropped $571 million to $563.499 billion for the week ended December 16, In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion. The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments. The railway's ministry has opened its telecom services to private companies, allowing them to install towers on land owned by it. This right was till now reserved only for the RailTel Corporation of India. The key factor to watch out for would be s resurgence of Covid cases. A new Covid variant, in several parts of the world (including China, the US, Japan, South Korea, and France), has been making market participants cautious since the last week.

Foreign investors have infused a net Rs 11,557 crore in Indian equities in December so far despite a market correction and increasing concerns over the re-emergence of COVID in China and some other parts of the world. India's future interest rate hikes should be carefully calibrated and its intervention in the foreign exchange market should be limited to managing volatility, the International Monetary Fund (IMF) The IMF expects India's economic growth to moderate reflecting a less favorable outlook and tighter financial conditions, projecting 6.8% growth for the current fiscal year and 6.1% for the next FY. On the sectoral front, except pharma, all other sectoral indices ended in the green with PSU bank index added 7%.

Nifty 50 top gainers are, SBI, IndusInd Bank, Hindalco Industries, Tata Steel, and Coal India while Divis Labs, Cipla, Dr Reddy's Laboratories, Nestle India, and Kotak Mahindra Bank were among the top losers.

Source : Equity Bulls


DailyMarketCommentary Nifty Sensex BonanzaPortfolio