Daily Market Commentary - July 18, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note on July 18 with the Nifty above 16150. At the time of closing, the Sensex was up by 760.37 points or 1.41% at 54,521.15, and the Nifty was up by 229.30 points or 1.43% at 16,278.50. During the day, India's foreign exchange reserves plunged by $8 billion in the week ended July 8 to $580.25 billion, the lowest in more than 15 months. The weekly decline is the largest since the week ended April 1, when reserves had dropped by $11.17 billion. Asian shares inched higher on Monday following a much-needed bounce on Wall Street, but nerves are stretched ahead of a near-certain interest rate hike in Europe and another round of corporate earnings. Oil prices fell $1 in early trading in Asia on Monday, cutting into gains from Friday, as attention turned back to rising COVID-19 cases in China and the prospect of lockdowns again reducing fuel demand in the world's top oil importing nation. The dollar began the week nudging down from multi-year highs, with hotter-than-forecast inflation reading in New Zealand lending modest support to the kiwi, though fears about Europe's gas supply put a cap on dollar selling.

On the sectoral front, All the indices ended in the green with Information Technology, PSU Bank, Metal, Power, Oil & Gas, Bank, Realty, and Capital Goods indices up 1%-3%.

Nifty 50 top gainers are Hindalco Industries, IndusInd Bank, Infosys, Bajaj Finserv and Tech Mahindra while losers included Britannia Industries, Dr Reddy's Laboratories, HDFC Bank, M&M and Maruti Suzuki.

Source : Equity Bulls

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