Market Commentary

Daily Market Commentary - June 2, 2023 - Bonanza Portfolio

Posted On : 2023-06-02 17:58:45( TIMEZONE : IST )

Daily Market Commentary - June 2, 2023 - Bonanza Portfolio

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

At opening, Sensex was up by 189.98 points or 0.30 % at 62,618.52, and the Nifty was up 65.20 points or 0.35 % at 18,553 while At closing, Sensex was up by 118.57 points or 0.19% at 62,547.11, and Nifty was up by 46.30 points or 0.25% at 18,534.10.

Indian Rupee strengthened for the second consecutive day on positive domestic markets and a weak US Dollar. However, a rebound in crude oil prices capped sharp gains. US Dollar declined as the US Senate approved the debt-ceiling suspension till January 1/2025, thereby, averting a default. Dovish Fed speak and disappointing data also weighed on the greenback.

Yellow metal rallied today as sentiments improved after dovish comments from Philadelphia Federal Reserve President Patrick Harker argued that U.S. central bankers should not raise interest rates at their next meeting even though high inflation is coming down at a "disappointingly slow" pace. Markets now see a 77.2% chance of rates remaining unchanged in the June meeting. Meanwhile, dollar index and bond yields retreated from recent peak; dollar index was down by 0.73% and settled at 103.56 levels in the previous session.

Metal stocks extent gain after the China announce new package to boost housing sectors. Among sectors, Realty, Auto Metal added 1 % each, while selling was seen in the IT and Oil & Gas names.

Top gainers were Hindalco Industries, Apollo Hospitals, Hero MotoCorp, Tata Steel and JSW Steel, while losers were Adani Enterprises, Infosys, BPCL, HDFC Life and TCS.

Source : Equity Bulls


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