Daily Market Commentary - June 3, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian benchmark Indices open on a positive note with the Nifty above 16,750 amid positive global cues. At the time of closing, benchmark indices erase their early gains and ended moderately lower amid a volatile session. BSE Sensex fell more than 600 points from the day's high to end with 49 points or 0.09% loss at 55,769.23, and the Nifty50 shed 44 points or 0.26% to 16,584. During the day, India's services activity expands to over an 11-year high of 58.9 in May. As per MOFSL India Strategy - the Eagle Eye Report India outperformed global markets in CY22 to date. Gold hits a 1-month high as the dollar weakens. Globally, Shares in Europe & Asia-Pacific rose in today's morning trade following a strong show by the US markets the previous day as investors eagerly wait for the release of US jobs data for May.

In Japan, the Nikkei 225 gained 1.23% as shares of Fast Retailing soared close to 4%. The Topix index gained 0.73%. The Kospi in South Korea edged 0.79% higher, while Australia's S&P/ASX 200 climbed 0.67%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.52% higher. Broad-based gains saw the pan-European STOXX 600 index rise 0.4% by 0707 GMT. China's foreign exchange reserves declined by US$130bn for Jan-Apr'22, despite cumulative trade surpluses of US$215bn over the period, suggesting substantial capital flight. China's real GDP is unlikely to exceed 4.5% growth in 2022. On the sectoral front, all sectoral indices, except IT, are under pressure and end in red from 0.50% to 2%.

Nifty 50 top gainers are, Reliance, Infy, LT, Sun pharma & HCLTech, while Grasim, Ultracemco, Shreecem, Heromotoco & Maruti were among the top losers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex