Market Commentary

Daily Market Commentary - June 8, 2023 - Bonanza Portfolio

Posted On : 2023-06-08 16:43:17( TIMEZONE : IST )

Daily Market Commentary - June 8, 2023 - Bonanza Portfolio

At opening, Sensex was up by 57.30 points or 0.09% at 63,200.26, and Nifty was up by 12.60 points or 0.07% at 18,739 while At closing, Sensex was down by 294.32 points or 0.47% at 62,848.64, and Nifty was down by 91.90 points or 0.49% at 18,634.50.

Indian Rupee depreciated today on weak domestic equities. However, weak Dollar and softening of crude oil prices cushioned the downside. RBI maintained status quo and kept repo rate unchanged at 6.5% in its monetary policy meeting so as to achieve its medium term target of 4% inflation. According to RBI, Indian economic activity has shown resilience and the overall macroeconomic indicators remain favorable. U.S. Dollar softened on rising odds of a pause by the US Federal Reserve.

Meanwhile, the markets haven't reacted much which is a positive. The 10-year G-Sec yield remained more or less flat. Going ahead all eyes will be on what the US Fed does in terms of its policy rates next week.

While the fall in inflation and GDP growth being positive, the concerns over the risk of inflation, uncertain monsoon and global commodity prices will continue to see a prolonged policy pause.

Risks from El Nino remain high and these could impact the upcoming kharif crop and fuel food inflation. While the India Meteorological Department projects monsoon to be normal overall, its temporal and spatial distribution will critically affect food output in this fiscal.

Grasim Industries, Kotak Mahindra Bank, Sun Pharma, Tech Mahindra and Apollo Hospitals were the top losers while gainers were, NTPC, JSW Steel, ONGC, Power Grid Corp and Larsen and Toubro.

Source : Equity Bulls


DailyMarketCommentary Nifty Sensex BonanzaPortfolio