Market Commentary

Daily Market Commentary - June 9, 2022 - Bonanza Portfolio

Posted On : 2022-06-09 22:35:49( TIMEZONE : IST )

Daily Market Commentary - June 9, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian benchmark indices open on a negative note with a nifty around 16,280. All sectors open in red except pharma which is up by 0.25%. At the time of closing, Indices were losing track with Nifty50 up by 121.80 or 0.74% at 16,478.10 & Sensex up by 427.79 points or 0.78% at 55,320.28.

During the day, the Rupee hits a record intraday low of 77.80 against the US dollar amid rising crude prices. Weakness in USD & strength in Euro can help Indian Rupee to remain stable. Oil prices held near a 13-week high, underpinned by robust demand in the world's top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed. The Indian life insurance industry maintained its strong growth momentum in May 2022. On the sectoral front, all the sectoral indices ended in green today 0.20% - 1%, except Metals & PSU Banks by 1.31% & 0.29%.

Nifty 50 top gainers are Dr.Reddy, BPCL, Reliance, EicherMotors & Bajaj-Auto. TataSteel, ShreeCem, Grasim, TataMotors & NTPC were among the top losers.

Source : Equity Bulls


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