Daily Market Commentary - August 24, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened flat amid weak global cues with Nifty at 17579.70. At the time of closing, Sensex was up by 54.13 points or 0.09% at 59,085.43 & Nifty up by 27.45 points or 0.16% at 17,604.95.

During the day, the market ends marginally higher amid volatility. The Reserve Bank of India aims to reduce retail inflation to its mandated target of 4% in the next two years, Governor. Consumer price inflation, the main anchor of the central bank's monetary policy, was at 6.71% in July, dropping below 7% for the first time in four months, still above the RBI's upper tolerance limit of 6%.

Leading economists have penciled in a high 13-16% uptick in the economy in the Q1FY23 with an upward bias. The national statistical office will announce Q1 GDP numbers later next week. Euro edges back towards two-decade low as energy supply crunch adds to growth fears. The U.S. dollar steadied just below recent peaks on Wednesday, as investors waited to hear from the Federal Reserve and pondered whether weak U.S. data may slow the pace of rate hikes. Oil prices surged by nearly 4% after Saudi Arabia floated the idea of OPEC + output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in US inventories. On the sectoral front, the realty index added 1% and bank, capital goods and metal indices up 0.5% each.

Nifty 50 top gainers are Apollo Hospital, Indusind Bank, ONGC, ICICI Bank & NTPC while BPCL, Tata Steel, Divis Lab, TCS & Titan were among the top losers.

Source : Equity Bulls

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