Daily Market Commentary - July 14, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note with the Nifty above 16,000. At the time of closing, Sensex was down by 98 points or 0.18% at 53,416.15 & Nifty was down by 28 points or 0.18% at 15,938.65.

During the day, Benchmark indices erased all the intraday gains and ended in red amid volatility. US inflation accelerates to 9.1%, the highest in 41 years. In June by more than forecast, underscoring relentless price pressures that will keep the Federal Reserve on track for another big interest-rate hike later this month. The CPI rose 9.1% from a year earlier in a broad-based advance, the largest gain since the end of 1981. The Bank of Canada raised its main interest rate by 100 basis points in a bid to crush inflation, surprising markets and becoming the first G7 country to make such an aggressive hike in this economic cycle. The central bank raised its policy rate to 2.5% from 1.5%, its biggest rate increase in 24 years. US Dollar - Japanese Yen above 139 for the first time since 1998. On July 1, the government of India surprised with the imposition of hefty special excise duty on refining exports and crude oil production. The Indian rupee opened at a fresh record low. Indian rupee ended at a fresh record closing low at 79.87 per dollar. On the sectoral front, Information Technology and PSU Bank indices fell 1%-2%, while Oil & Gas and Power indices gained 1%-1.16%.

Nifty 50 top gainers are SunPharma, ONGC, DrReddy, KotakBank & Maruti, while AxisBank, HCLTech, HeroMotoCo, TechM & SBIN were among the top losers.

Source : Equity Bulls

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