Daily Market Commentary - July 6, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened higher today amid mixed global cues. At the time of closing Sensex was up by 616.62 points or 1.16% at 53,750.97 and Nifty 50 was up by 178.95 points or 1.13% at 15,989.80.

During the day, Benchmark indices ended on a positive note. The food ministry has called a meeting with edible oil industry bodies and manufacturers to discuss reduction in the retail prices of cooking oils amid a fall in global prices. Asian stocks slipped and the dollar stood by a two-decade high on the euro on Wednesday as investors' fears deepened that the continent is leading the world into recession, while oil and European equity futures attempted to steady after a slide. New orders for U.S.-manufactured goods increased more than expected in May. The dollar, holding at a 20-year peak against the euro and multi-month highs against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency. Indian rupee opened 14 paise higher at 79.23 per dollar. Gold hovered near a fresh seven-month low on Wednesday, with the dollar perched at a two-decade peak. On the sectoral front, Auto, FMCG, Realty and Bank indices gained 1%-2%, while selling was seen in the Metal stocks.

Nifty 50 top gainers are BajajFinance, BajajFinSv, Britannia, Hindunilvr & EicherMot while ONGC, PowerGrid, Hindalco, HDFCLife & NTPC were among the top losers.

Source : Equity Bulls

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