Market Commentary

Daily Market Commentary - May 31, 2023 - Bonanza Portfolio

Posted On : 2023-05-31 17:50:26( TIMEZONE : IST )

Daily Market Commentary - May 31, 2023 - Bonanza Portfolio

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

At opening, Sensex was down by 161.93 points or 0.26% at 62,807.20 and Nifty was down by 50.50 points or 0.27 % at 18,583.30. At closing, Sensex was down by 346.89 points or 0.55% at 62,622.24, and Nifty was down 99.40 points or 0.53% at 18,534.40.

Indian rupee closed flat 82.72 per dollar against previous close of 82.72. Indian Rupee depreciated on weak domestic markets and a strong US Dollar. Disappointing PMI data from China impacted market sentiments. However, weak crude oil prices and FII inflows cushioned the downside. US Dollar gained amid rising expectations of a 25-bps rate hike in the June FOMC meeting and hawkish statements from most Fed officials.

Crude oil prices was in red on today with NYMEX WTI crude oil trading down by 0.95% USD 68.84 per barrel. Crude oil price extended loss in today's session after price declined more than 4.0% in the previous session as trades were concerned about weakening demand from top oil importer China after the release of weaker-than-estimated economic data.

Gold price traded slightly down with spot gold at Commodity exchange trading lower by 0.04% at USD 1958 per ounce in the morning trade. Gold price is down almost 1.50% this month erasing gains made earlier in May when it surged to near a record on fears of a US default. Those concerns have been largely alleviated as President Joe Biden and Republican House Speaker Kevin McCarthy expressed confidence that lawmakers will pass legislation in time to avert such a scenario. Additionally, rally in the US dollar and bond yields weighed on the yellow metal.

ONGC, Reliance Industries, Axis Bank, SBI and HDFC were among top losers, while gainers included Bharti Airtel, Kotak Mahindra Bank, Britannia Industries, Sun Pharma and SBI Life Insurance.

Source : Equity Bulls


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