Daily Market Commentary - March 10, 2023 - Bonanza Portfolio

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

Indian indices opened on a negative note today Nifty around 17400. At the time of closing, Sensex was down 671.15 points or 1.12% at 59,135.13, and Nifty was down 176.70 points or 1% at 17,412.90.

During the day, India's fuel demand hit its highest level in the last 24 years in February, with industrial activity in Asia's third-biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise. IRB Infrastructure Developers has reported toll collection at Rs 352 crore for February 2023, increasing by 27% YoY. Its private InvIT subsidiary IRB Infrastructure Trust recorded 12.7% YoY growth in toll collection at Rs 75.52 crore for February 2023. Thermax and Fortes cue Future Industries (FFI), an Australia-based green energy and green technology company, have signed a Memorandum of Understanding (MoU) to explore green hydrogen projects - including new manufacturing facilities - in India. Under the MoU, Thermax, and FFI plan to explore opportunities to jointly develop fully integrated green hydrogen projects for commercial and industrial customers in India. February Mutual Fund Data: Net equity inflow at Rs 15,657 crore and Hybrid Fund inflow at Rs 460.3 crore. Liquid Fund outflow at Rs 11,304 crore and ETF Inflow at Rs 29 crore versus Rs 1,709 crore outflow.

China's annual consumer inflation slowed to the lowest rate in a year in February as consumers remained cautious despite the abandonment of strong pandemic controls late in 2022. The consumer price index in February was 1% higher than a year earlier, rising at the slowest pace since February 2022. The number of Americans filing new claims for unemployment benefits increased by the most in five months last week, but the underlying trend remained consistent with a tight labor market. On the sectoral front, power index rose 1%, while bank, realty, capital goods and PSU Bank down 1%-2%.

Nifty 50 top gainers are Tata Motors, NTPC, Maruti, Britannia, and Power Grid while Adani Enterprises, HDFC Bank, Apollo Hospital, HDFC, and IndusInd Bank were among the top losers.

Source : Equity Bulls

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