Market Commentary

Daily Market Commentary - Feb 16, 2023 - Bonanza Portfolio

Posted On : 2023-02-16 23:27:24( TIMEZONE : IST )

Daily Market Commentary - Feb 16, 2023 - Bonanza Portfolio

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

Indian indices opened on a positive note today with Nifty around 18,100. At the time of closing, Sensex was up by 44.42 points or 0.07% to close at 61,319.51 and Nifty was up 20 points or 0.11% to close at 18,035.85.

During the day, India's trade deficit in January sank to its lowest in a year at $17.75 billion but exports, too, contracted 6.58% during the month, hit by a slump in global demand. The merchandise exports came down to $32.91 billion in January from $35.23 billion in the year-ago period. Merchandise imports, too, slipped 3.63%, the second straight month of decline, to $50.66 billion. Windfall tax on crude petroleum cut to Rs 4,350 from Rs 5,050 per tonne. Special additional excise duty on ATF cut to Rs 1 from Rs 6 per litre. The Competition Commission of India on Wednesday approved the acquisition of certain assets of Jaiprakash Associates Ltd and its associates by Dalmia Cement (Bharat) Ltd.

Production at US factories rebounded in January, but output in the prior month was much weaker than initially thought amid higher borrowing costs that are hurting the manufacturing sector. US retail sales increased by the most in nearly two years in January after two straight monthly declines as Americans boosted purchases of motor vehicles and other goods, pointing to the economy's continued resilience despite higher borrowing costs. On the sectoral front, information technology, metal and Realty up 1% each.

Nifty 50 top gainers are ONGC, Tech Mahindra, Apollo Hospitals, Divis Labs and Nestle India while BPCL, Bajaj Finance, HUL, HDFC Life and M&M were among the top losers.

Source : Equity Bulls


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