Market Commentary

Daily Market Commentary - Jan 11, 2023 - Bonanza Portfolio

Posted On : 2023-01-11 20:03:30( TIMEZONE : IST )

Daily Market Commentary - Jan 11, 2023 - Bonanza Portfolio

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

The Indian indices opened on a flat note with the Nifty below 17900. At the time of closing, the Sensex was down 9.98 points or 0.02% at 60,105.50, and the Nifty was down 18.50 points or 0.10% at 17,895.70.

During the day, The Securities and Exchange Board of India, through a circular, has decided to alter the offer-for-sale (OFS) framework through the stock exchange route. The revamp clears the way for non-promoter shareholders to opt for the OFS mechanism, while simultaneously chalking out a cooling-off period for promoters and non-promoters based on the liquidity of the shares on the exchange. The Indian economy is expected to grow at the rate of 6.6% in FY 2023-24, the World Bank, even as it projected a gloomy outlook for the global economy. The global economy will come "perilously close" to a recession this year, led by weaker growth in all the world's top economies - the United States, Europe and China, the World Bank warned.

Global GDP will probably increase 1.7% this year, about half the pace forecast in June. The Federal Reserve's rate hikes might need to go beyond what's currently expected. There's a 50% chance current expectations are correct in assuming the Fed will boost its benchmark rate to about 5%, and a 50% chance that the central bank will have to go to 6%, the JPMorgan Chase & Co chief executive officer. Asian equities edged higher today, while the dollar steadied as investors braced for U.S. inflation data that will influence the Federal Reserve's interest rate policy. On the sectoral front, selling was seen in the FMCG, auto, pharma, power and oil & gas, while buying was seen in the bank, metal and information technology names.

Nifty 50 top gainers are, Hindalco Industries, Sun Pharma, BPCL, UltraTech Cement and Tata Motors while Bharti Airtel, Cipla, Divis Labs, Apollo Hospitals and HUL were among the top losers.

Source : Equity Bulls


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