Market Commentary

Daily Market Commentary - July 12, 2022 - Bonanza Portfolio

Posted On : 2022-07-12 18:27:58( TIMEZONE : IST )

Daily Market Commentary - July 12, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened lower today, with the Nifty around 16100 amid weak global cues. At the time of closing, Sensex was down by 508.62 points or 0.94% at 53,886.61, and the Nifty was down by 157.70 points or 0.97% at 16,058.30.

During the day, The RBI allowed trade settlements between India and other countries in rupees to facilitate trade with sanctions-hit Russia. India's coal imports hit a record high in June despite high global prices. India imported over 25 million tonnes of thermal coal and coking coal in June. Debt mutual funds see Rs 92,248 cr. outflow in June on an uncertain macro environment driven by expectations around an increasing rate cycle, higher commodity prices, and a slowdown in growth. Oil prices fell as fresh COVID-19 curbs in China, the world's biggest crude importer, and fears of a global economic slowdown weighed on the fuel demand outlook. Euro drops to 20-year low within a whisker of parity with the dollar and stock markets fell as the prospect of further central bank tightening and worries about the health of economies worldwide unnerved investors. Gold hit a new nine-month low, as the U.S. dollar at a 20-year high stifled demand for bullion, but a slight recovery in the euro against the greenback limited further losses. Asian shares fell, weighed down by the prospect of further monetary policy tightening by central banks. On the sectoral front, except for power and realty, all other sectoral indices are trading in the red.

Nifty 50 top gainers are NTPC, CoalIndia, ShreeCem, BhartiArtl & BajajFin while, Eichermot, Hindalco, Infy, BPCL & Grasim were among the top losers.

Source : Equity Bulls


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