Daily Market Commentary - July 8, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened higher today, on the back of firm global cues. At the time of closing, Sensex was up by 303.38 points or 0.56% at 54,481.84 and Nifty was up by 87.70 points or 0.54% at 16,220.60.

During the day, Equity mutual funds witnessed a net inflow of Rs 15,498 crore in June amid heightened volatility in the stock market and consistent selling by Foreign Portfolio Investors (FPIs), lower compared to the net inflow of Rs 18,529 crore seen in May. The currency has dropped more than 6% this year, putting it on the threshold of 80 per dollar for the first time. IDFC First Bank hikes lending rate by 10-15 bps across loan tenures. Fed hawks back 75 basis-point July hike, still see the soft landing. Asian shares tracked overnight Wall Street gains in early trading on Friday as fears of an economic slowdown cooled and sterling began to claw back recent losses following British Prime Minister Boris Johnson's decision to resign. On the sectoral front, except Metal all other indices ended in the green with Capital Goods and Power indices rose 1%-2%.

Nifty 50 top gainers are LT, PowerGrid, Tata motors, NTPC & SBILife while, Maruti, Hindalco, TataSteel, HDFCLife & ONGC were among the top losers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex