Daily Market Commentary - June 6, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

The market opened on a negative note today amid weak global cues. At the time of closing, benchmark indices ended in the red after a volatile session. Sensex was down by 93.91 points or 0.17% at 55675.32, and the Nifty shed 18.50 points or 0.11% at 16565.80. During the day, Oil prices rose more than $2 in early trade after Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months. India's benchmark 10-year bond yield rose to its highest level since March 2019. RBI is to begin a three-day monetary policy meeting from today, to decide on key rates. Centre approves sugar export applications of 62 mills totalling 10 Lakh MT. American employers added 390,000 jobs last month, the government reported Friday, a sign of a slowdown in hiring but still a better-than-expected result amid a shortage of workers. The jobless rate held steady at 3.6% for the third consecutive month.

On the sectoral front, selling was seen in realty and capital goods while the midcap and smallcap indices also ended in the red.

Nifty 50 top gainers are Bajaj Auto, JSW Steel, Tata Consumers, ONGC & Apollo Hospital. While ShreeCem, BPCL, Asain Paints, UltraTechCo & HeroMotoCo were among the top losers.

Source : Equity Bulls

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