Daily Market Commentary - April 11, 2023 - Bonanza Portfolio

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

Indian indices opened on a positive note with Nifty around 17700. At the time of closing, Sensex was up 311.21 pts or 0.52% to close at 60,157.72 and Nifty was up 98.25 pts or 0.56%% to close at 17,722.30.

During the day, the stance of the RBI policy continues to favor "withdrawal of accommodation", clearly implying that the RBI will be back on a rate-hiking track if there are any surprises to an anticipated softening trend of Headline CPI. IRB Infrastructure Developers has recorded toll collection at Rs 369.9 crore for the month of March 2023, growing 20.6% over toll collection of Rs. 306.6 crore in the same month last year. The growth was 5.2% compared to February 2023. India, which relies on rain for the vast share of its water, forecast that the monsoon will be normal this year, potentially easing concerns over the impact on agriculture production and economic growth. Showers during the June-September rainy season is likely to be 96% of the long-term average, according to the official India Meteorological Department. SBI to consider fundraising up to $2 billion in FY24 on April 18.

South Korea's central bank held interest rates steady for a second consecutive meeting. The Bank of Korea said its seven-member monetary policy board voted to keep the base rate unchanged at 3.50%. World Bank Group President David Malpass said that the lender has revised its 2023 global growth outlook slightly upward to 2% from a January forecast of 1.7% but the slowdown from stronger 2022 growth will increase debt distress for developing countries. Oil prices edged higher as market participants weighed supply cuts from OPEC+ that would tighten the global market against concerns about further interest rate hikes potentially hurting demand. On the sectoral front, auto, bank, metal, oil & gas, power indices rose 1% each, while IT index down nearly 1%.

Nifty 50 top gainers are Kotak Mahindra Bank, JSW Steel, Eicher Motors, Bajaj Auto and Tata Steel while HCL Technologies, TCS, Infosys, Asian Paints and Wipro were among the top losers.

Source : Equity Bulls

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