Market Commentary

Daily Market Commentary - March 17, 2023 - Bonanza Portfolio

Posted On : 2023-03-17 18:44:40( TIMEZONE : IST )

Daily Market Commentary - March 17, 2023 - Bonanza Portfolio

Mr. Rajesh Sinha, Sr. Research Analyst, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note today with Nifty above 17,100. At the time of closing, Sensex was up 355.06 points or 0.62% at 57,989.90, and Nifty was up 114.40 points or 0.67% at 17,100.

During the day, as per the latest Crisil report, the Indian economy will grow at a slower pace in FY24 compared to the present fiscal year but the corporate revenue will see double digit growth. It is expected that FY24 GDP growth will slow down to 6%. Weaker growth caused by sluggish export and lagged effects will lead to rate hikes. Shares of defence equipment manufacturers jumped, as Defence Acquisition Council approves projects worth Rs. 70,500 Cr. Order includes major military modernisation projects, like 69 maritime helicopters, 225 BrahMos supersonic cruise missiles, and 307 heavy-duty artillery guns. Dan Fineman of Credit Suisse believes Asia is a better place to be invested in than the US or Europe. He also thinks India is in a safe place.

China to cut CRR by 0.25%. First Republic Bank has received $30 billion in deposits from several big banks including JPMorgan Chase & Co, Citigroup Inc and Morgan Stanley. The banks will keep the funds at the lender for an initial term of 120 days. The number of Americans filing new claims for unemployment benefits fell more than expected last week. With the bulk of relevant economic data in hand ahead of the policy meeting next week, US central bankers are seen pressing on with their inflation-fighting campaign with a quarter-point interest-rate hike. The European Central Bank stuck to a planned interest rate increase as it remained laser-focused on battling sky-high inflation despite market turmoil over fears of a widening banking crisis. On the sectoral front barring auto and FMCG, all other sectoral indices ended in the green.

Nifty 50 top gainers are HCL Technologies, Hindalco Industries, UPL, UltraTech Cement and Nestle India while Eicher Motors, NTPC, Maruti Suzuki, ITC and Asian Paints were among the top losers.

Source : Equity Bulls


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