Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian indices opened on a positive note with the Nifty above 15300. At the time of closing, both the indices end on a positive note. Sensex was up by 237.42 points or 0.46% at 51,597.84 & Nifty was up by 56.65 points or 0.37% at 15,350.15. During the day, India faces multiple near-term challenges like managing its fiscal deficit, sustaining economic growth, reining in inflation and containing the current account deficit while maintaining a fair value of its currency, the finance ministry.
India's steel exports will drop 35-40% annually to 10-12 million tonnes this fiscal following the 15% export duty imposed on several finished steel products last month. India's purchases of Russian coal have spiked in recent weeks despite global sanctions on Moscow, as traders offer discounts of up to 30%. MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.8% and Tokyo's Nikkei 1.4%. Bitcoin rose around 7.6% to $20,404 from its previous close, signalling a recovery from a sharp drop. On the sectoral front, the FMCG index added 1% and the IT index up 0.5%, however, oil & gas, metal, capital goods, power and realty were down 1%-4%.
Nifty 50 top gainers are HDFC, HUL, Britannia, Wipro & AsainPaints while ONGC, TataSteel, UPL, Hindalco & IndusindBk were among the top losers.