Daily Market Commentary - April 18, 2023 - Bonanza Portfolio

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

Indian indices opened on a flat note amid mixed slobal cues. At the time of closing, the Sensex was down 183.74 points or 0.31% at 59,727.01, and the Nifty was down 46.60 points or 0.26% at 17,660.20.

During the day, India's wholesale inflation cooled in March to 1.34%, The Ministry of Commerce and Industry. The latest Wholesale Price Index inflation figure is the lowest in 29 months. The executive committee of the central board of the State Bank of India is scheduled to have a meeting on 18th April 2023 to examine the status and decide on long-term fundraising in single/multiple tranches of up to USD 2 Billion. Domestic air passenger traffic is up 21.436 YoY at 12.89 million. In the month of February 2023, IndiGo market share stood at 56.8%, and Go First market share stood at 6.9%. India's largest private sector lender HDFC Bank will complete its reverse merger with the parent Housing Development Finance Corporation Ltd by July this year. Government push to build infrastructure will drive cement demand further this fiscal by 8-99 on top of a 996 growth in FV22.

China's economic recovery gathered pace in the 1st quarter, as the end of strict COVID curbs lifted the world's second-largest economy out of a crippling pandemic slump. China's Gross Domestic Product grew 4.5% YoY in the first three months of the year. Oil prices held steady in early trading after falling 2% in the previous session, with markets awaiting the release of economic data in China, looking for signs of economic recovery and growth to offset weakening demand elsewhere. Oil prices turned lower as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. Gold reversed course to slip below the key $2,000 level, pressured by a stronger dollar and higher Treasury yields, while investors looked for cues on whether the market will see a one and done rate hike by the US Federal Reserve in May. On the sectoral front, selling was seen in the FMCG, power, and infra, while pharma. and realty were up 1% each, and IT, PS Bank, and metal were up 0.5% each.

Nifty 50 top gainers are Divis Lab, HCL Tech, Gipla, Indusind Bank, and Nestle India while Powergrid, Ultra Cement, Adan Enterprises, Apollo Hospital, and Titan were among the top losers.

Source : Equity Bulls

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