Market Commentary

Daily Market Commentary - July 11, 2022 - Bonanza Portfolio

Posted On : 2022-07-11 18:39:20( TIMEZONE : IST )

Daily Market Commentary - July 11, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened lower amid mixed global cues. At the time of closing, the Sensex was down 86.61 points or 0.16% at 54,395.23, and the Nifty was down 4.60 points or 0.03% at 16,216. During the day, Benchmark indices recovered from the intraday lows but ended with marginal losses in the volatile session. India's retail inflation likely held steady in June, but well above the Reserve Bank of India's tolerance limit for a sixth month as lower fuel and cooking, and oil prices offset higher services and food costs. The Indian rupee opened marginally higher at 79.22 per dollar. US job growth increased more than expected in June and the unemployment rate remained near pre-pandemic lows.

The dollar was on the front foot at the start of a week in which U.S. and Chinese data and European energy security were top of mind. Oil prices were unsteady, with Brent trading higher on supply concerns while West Texas Intermediate (WTI) dipped. South Korea's central bank will deliver its first-ever 50 basis point rate rise to 2.25%, turning up the heat on a rate-hiking campaign as inflation tops a 24-year high and has yet to peak. In a global first, the Securities and Exchange Board of India(SEBI) is planning to issue regular 'risk factor disclosures' on market trends, including surges and collapses, to help investors make the right decisions. Among sectors, auto, metal, oil & gas, realty and power indices rose 1%-4%, while IT index shed nearly 3%.

Nifty 50 top gainers are EicherMot, ONGC, TataSteel, Dr.Reddy & M & M & M&M, while BhartiArtl, TCS, HCLtech, Infy & BPCL were among the top losers.

Source : Equity Bulls


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