Market Commentary

Daily Market Commentary - March 13, 2023 - Bonanza Portfolio

Posted On : 2023-03-13 16:30:44( TIMEZONE : IST )

Daily Market Commentary - March 13, 2023 - Bonanza Portfolio

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

Indian indices opened flat today with Nifty around 17,400. At the time of closing, Sensex down 897.28 points or 1.52% at 58,237.85 and Nifty down 258.60 points or 1.49% at 17,154.30.

During the day, Net direct tax collection so far this fiscal grew 17% to reach Rs 13.73 lakh crore, which is 83% of the revised target for the full financial year. The growth in direct tax mop-up, which comprises personal income tax and corporate taxes, was driven by PIT collections. On a gross basis, the collection grew 22.58% to Rs 16.68 lakh crore. ICICI Bank has received approval from the Reserve Bank of India for an extension of time till September 9, 2024 for divesting its shareholding in ICICI Lombard General Insurance Company to less than 30%. Shares of Yes Bank may face selling pressure as the Reserve Bank-mandated three-year lock-in period for individual investors and exchange-traded funds.

The US dollar slid as authorities stepped in to cap the fallout from the sudden collapse of Silicon Valley Bank, with investors hoping the Federal Reserve will take a less aggressive monetary path. HSBC UK Bank, is acquiring Silicon Valley Bank UK Limited for £1. Gold prices jumped more than 1% and made a run towards the key USD 1,900 level on Monday as fears of a fallout from the largest U.S. bank failure since the 2008 financial crisis drove investors to the safe-haven asset. Oil prices ticked up in Asian trade, reversing a weak start as a recovery in Chinese demand and a weaker dollar provided support to a market rattled by the prospect of possible further U.S. interest rate increases. All the sectoral indices ended in the red.

Nifty 50 top gainers are Tech Mahindra, Apollo Hospitals, ONGC and HUL while IndusInd Bank, SBI, Tata Motors, Adani Ports and Eicher Motors were among the top losers.

Source : Equity Bulls


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