Daily Market Commentary - June 16, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note today with Nifty above 15800. At the time of closing, Benchmark indices witnessed a sharp fall. Sensex was down by 1,045.60 points or 1.99% at 51,495.79, and the Nifty was down by 331.60 points or 2.11% at 15,360.60. During the day, both Indian benchmark indices Nifty & Sensex touched their new fresh 52-week low.

The US Federal Reserve announced a 75 bps hike in its target interest rate. Jet Fuel (ATF) price hiked by 16.3% to all-time high of Rs 1.41 lakh/kL tn. ATF price has nearly doubled in 2022, up 91% in the last six months. India cuts base import prices of crude palm oil, gold & silver. Oil prices erased early gains to head lower, a day after a fall triggered by a U.S. interest rate hike, though tight supply limited losses. Bitcoin falls to a fresh 18-month low. Direct tax collections for FY23 fiscal rise by 53.2% to Rs 2.58 lakh crore. Bank of England under pressure to aggressively raise rates. On the sectoral front, All the sectoral indices ended in the red with metal index fell 5%.

Nifty 50 top gainers are HUL, Nestle India and Britannia Industries while Hindalco Industries, Tata Steel, Coal India, Tata Motors and ONGC were among the top Nifty losers.

Source : Equity Bulls

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