Daily Market Commentary - Jan 19, 2023 - Bonanza Portfolio

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

Indian indices opened on a negative note with Nifty around 18,100. At the time of closing, Sensex was down by 187.31 points or 0.31% to close at 60,858.43 and Nifty was down by 57.50 points or 0.32% to close at 18,107.85.

During the day, the State Bank of India raised Rs 9,718 crore through its second infrastructure bond issuance at a coupon rate of 7.70%. The proceeds of bonds will be utilized in enhancing long-term resources for funding infrastructure and the affordable housing segment. Domestic Airline Traffic up 14% YoY at 12.7 million, in which Indigo leads the market with 54.9% market share followed by Air India & Vistara at 9.2% and Spice Jet at 7.6%. Adani Enterprises will sell shares at a discount of 8.6-13.2% in its upcoming follow-on public offer. The company has set a price band of Rs 3,112-3,276 for the Rs 20,000 crore FPO. Vedanta will acquire debt-laden power plant Meenakshi Energy for Rs 1,440 crore. Meenakshi Energy is a 1,000-MW coal-based power plant at Nellore in Andhra Pradesh.

U.S. retail sales fell by the most in a year in December month, pulled down by declines in purchases of motor vehicles and a range of other goods, putting consumer spending and the overall economy on a weaker growth path heading into 2023. Oil prices fell about 1%, surrendering early gains as worries about a possible US recession outweighed optimism that China's lifting of COVID-19 curbs will fuel demand for crude in the world's top oil importer. On the sectoral front, power, FMCG, and auto are down 0.4% - 1%.

Nifty 50 top gainers are Coal India, UPL, ONGC, BPCL, and Tata Steel while Adani Enterprises, Asian Paints, Tata Motors, Indusind Bank, and Adaniports were among the top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty Sensex BonanzaPortfolio