Daily Market Commentary - June 15, 2023 - Bonanza Portfolio

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

At opening, Sensex was down by 99.29 points or 0.16% at 63,129.22, and Nifty was down by 17.10 points or 0.09% at 18,738.80. At closing, Sensex was down by 310.88 points or 0.49% at 62,917.63, and Nifty was down by 67.80 points or 0.36% at 18,688.10.

Indian Rupee depreciated slightly on recovery in US Dollar and weak domestic markets. However, FII inflows and weak crude oil prices supported Rupee at lower levels. There are reports of some corporate Dollar inflows which is also providing support to the domestic currency. US Dollar recovered today on hawkish guidance by US Federal Reserve. It forecast terminal rates at 5.6-5.75% range, higher than 5.1-5.25% range earlier, indicating another 50 bps rate hike on the cards in 2023. FOMC paused rate hike in its June FOMC yesterday and kept the interest rates unchanged at 5-5.25% range.

Among sectors, bank index down 1 %, realty index fell nearly 1 %, Information Technology index shed 0.5 %, while pharma index rose 1 % and FMCG index added 0.5 %.

Top losers were Hero MotoCorp, Wipro, IndusInd Bank, SBI and Kotak Mahindra Bank, while gainers were Apollo Hospitals, Divis Laboratories, Dr Reddy's Laboratories, Cipla and BPCL.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio