Market Commentary

Daily Market Commentary - May 11, 2023 - Bonanza Portfolio

Posted On : 2023-05-11 18:46:22( TIMEZONE : IST )

Daily Market Commentary - May 11, 2023 - Bonanza Portfolio

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

In pre-market, Sensex was up 219.23 points or 0.35 percent at 62,159.43, and the Nifty was up 42.70 points or 0.23 percent at 18,357.80. However, at market open, Sensex was up 144.12 points or 0.23% at 62,084.32, while NIFTY was up 27.90 points or 0.15% at 18,343.00 points. At closing, The Sensex was down 35.68 points or 0.06 percent at 61,904.52, and the Nifty was down 18.10 points or 0.10 percent at 18,297. About 2,052 shares advanced, 1,427 shares declined, and 153 shares were unchanged.

L&T disappoints with weak margins, becomes the second biggest loser on Nifty50 cracking 5%. Dr. Reddy misses estimates, falls 5% despite a strong earnings result. Mankind Pharma Delhi slumps 5% as Income Tax Department conducts search action at Delhi office.

In other news, India's trade ministry takes action to cut the inflating trade deficit with Russia, reaches out to EPC to understand the action plan to ensure ways to increase exports to Russia by understanding Russia's requirements for Indian products.

FIIs were net buyers whereas the DIIs became the net sellers on May 10th.

Rupee closes marginally weak against US dollar at 82.09, down 0.1% from the previous close of 81.99. The 10-year bond yield was down 2 bps from its previous close of 7.037%, trading currently at 7.022%.

Equity inflows down 70% to Rs. 6,480 crore in April and net inflows into open-ended mutual funds at Rs. 1.24 trillion driven largely by debt mutual funds.

Source : Equity Bulls


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