Daily Market Commentary - April 28, 2023 - Bonanza Portfolio

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

Indian indices opened on a positive note with Nifty around 17,950. At the time of closing, Sensex was up 463 pts or 0.76% at 61,112, and Nifty was up 145 pts or 0.84% at 18,065.

During the day, the Government has opened a fresh window to import 140 tones of gold from the United Arab Emirates at a concessional rate agreed under the India-UAE Comprehensive Economic Partnership Agreement for 2023-24. According to the Finance Ministry of India, Government is confident of meeting its fiscal deficit target this financial year despite any pre-election expenditure increases as food, and fertilizer subsidies won't exceed the budgeted amount and revenue targets are easily achievable. The Board of Directors of Wipro has approved the buyback of equity shares worth Rs 12,000 crore from shareholders. The company plans to buy up to 26,96,62,921 equity shares 4.91% of the total number of equity shares on a proportionate basis by way of a tender offer at a price of Rs. 445 per equity share.

The US economy slowed sharply from January through March, decelerating to just a 1.1% annual pace as higher interest rates hammered the housing market and businesses reduced inventories. Oil prices were little changed on Friday but are set for their second weekly drop as disappointing economic data from the U.S., the world's biggest crude user, and uncertainty on further interest rate hikes raised concerns about future fuel demand. Gold prices were poised for a second monthly gain on Friday as lingering economic concerns and a weaker dollar drove investors to the safe-haven asset, with markets now focused on the federal Reserve's meeting due next month. On the sectoral front, except for Consumer Durable all other indices end in green with PS gaining the most.

Nifty 50 top gainers are Adani Enterprises, Adani Ports, Nestle India, Wipro, and Britannia while Axis Bank, Titan, ONGC, J5W Steel, and Cipla.

Source : Equity Bulls

Keywords

DailyMarketCommentary BonanzaPortfolio Nifty Sensex