Daily Market Commentary - June 13, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened gap-down with Nifty below 15,900 dragged by weak global cues. At the time of closing, Sensex tanks 1456.74 points or 2.68% and closed at 52,846.70 while Nifty50 down by 427.40 points or 2.64% at 15,774.40.

During the day, India's industrial growth hit an 8-month high of 7.1% in April as per the Index of Industrial Production. Rupee hits fresh record low weakens past 78 a dollar on global equity slump. Oil prices slipped more than $2 as a flare-up in COVID-19 cases in Beijing quelled hopes for a rapid pick-up in China's fuel demand. Asian stocks sank and bond yields ticked higher, as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening and a COVID-19 warning from Beijing added to concerns about global growth. US consumer price inflation accelerated to a 40-year high of 8.6% in May. US bond funds witnessed massive outflows in the week to June 8 after a weekly inflow, as a better-than-estimated payrolls report made the case for a faster pace of interest rate hikes. On the sectoral front, all sectors ended in the red with bank, capital goods, auto, metal, IT, realty, PSU Bank, oil & gas indices fell 2-3 percent each.

Nifty 50 top gainers are just Nestle India & Bajaj Auto while rest 48 ends in red lead by BajajfinSv, BajajFinance, TataMotors, IndusindBank & Hindalco.

Source : Equity Bulls

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