Market Commentary

Daily Market Commentary - May 6, 2022 - Bonanza Portfolio

Posted On : 2022-05-07 11:26:58( TIMEZONE : IST )

Daily Market Commentary - May 6, 2022 - Bonanza Portfolio

Mr. Harsh Parekh, Technical Analyst - Bonanza Portfolio

Indian indices opened on a negative note led by a massive selloff on a broad-based level across different sectors & weak global factors. At the time of closing, Sensex was down by 867 points or 1.56% at 54,836 and Nifty was down by 271 points or 1.63% at 16,411. During the day Indices fell to their lowest levels in the last 2 months with the Nifty 50 and BSE-Sensex falling nearly 2% each. The Indian market sell-off precipitated after a crash in the US equity market overnight with its worst single-day fall in NASDAQ. The Bank of England raised interest rates to their highest since 2009 at 1% to counter inflation. On the sectoral front, metal and realty indices fell 3% each and IT index down 2%, however, power index rose 0.5%.

Nifty 50 top gainers are Hero MotoCorp, Tech Mahindra, Power Grid Corp, ITC and ONGC. Divis Labs, Bajaj Finance, Shree Cements, UPL and Axis bank were among the top Nifty losers.

Source : Equity Bulls


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