Daily market commentary - 20th December 2019 - BONANZA PORTFOLIO LTD

Mr Jaipal Shetty, Fundamental Analyst

- Globally oil prices are hovering around their three-month highs led by a cline in US crude inventories and easing of US-China trade tensions.

- The markets gave an almost flat closing today with NIFTY 50 closing at 12,271.8 and SENSEX closing at 41,681.54 (source NSE and BSE). The Indian markets seemed to be taking a breather after hitting fresh highs.

- Fitch Ratings has affirmed India's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-'; with a stable outlook.

- Nifty PSU Bank Index closed 2.3% higher in trade today after RBI announced that it will conduct open market operation by buying Rs 100bn ($1.4 billion) worth of the current benchmark 10-year bond while selling four bonds maturing in 2020 for an equivalent amount.

- Dishman Carbogenics closed lower by 8.7% in trade today after the company in a BSE filing stated that the officials of Income-Tax Department have visited the Company's Head Offices and Manufacturing sites in connection with search under Section 142 of the Income-Tax Act on 19th December 2019 and search enquiry is continuing.

- USFDA completed inspection of Cadila Healthcare's Ahmedabad facility and made zero observations.The stock rallied 1.7% in trade today on the back of this positive news.

Source : Equity Bulls

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