Daily Market Commentary - June 10, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian benchmark indices open on a negative note with the Nifty around 16,300 amid global cues. At the time of closing, Indices fell drastically, and Sensex tanks 1016.84 points or 1.84% at 54,303.44. & Nifty is down by 276.30 points or 1.68% at 16,201.80.

During the day, The Indian Rupees hit a fresh low against the USD in the early morning trade. IT stocks are in focus after Tata Consultancy, the biggest software exporter, warned of a "stagflationary impulse" following the war in Ukraine, leading to low growth and high inflation. Sugar companies benefit from additional charges on Ethanol from OMCs. Globally, The International Monetary Fund expects to further cut its forecast for global economic growth in 2022 next month which would mark the IMF's third downgrade this year. US weekly jobless claims near a five-month high. Oil prices fell but still hovered near three-month highs, with fears over new COVID-19 lockdown measures in Shanghai outweighing solid demand for fuels in the world's top consumer United States. European markets fell more than 1% each after digesting European Central Bank's rate hike commentary and awaiting US inflation data. On the sectoral front, all sectors are under pressure & ends in red, financial services, IT & Nifty bank fall the most 2.24%, 2.17% & 1.71%.

Nifty 50 top gainers are Grasim, ApolloHosp, AsianPaint, DivisLab & DrReddy while BajajFinance, KotakBank, HDFC, Hindalco & Reliance were among the top losers.

Source : Equity Bulls

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