Daily Market Commentary - August 25, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note with the Nifty above 17650. At the time of closing, the Sensex was down 310.71 points or 0.53% at 58,774.72, and the Nifty was down 82.50 points or 0.47% at 17,522.50.

During the day, Benchmark indices ended lower in the highly volatile session. India's business and consumption activity showed conflicting signs of recovery in July as elevated inflation, rising borrowing costs and fears of a global slowdown weighed on Asia's third-largest economy. Demand for Indian goods and services softened, a cross-section of high-frequency indicators. Central banks that hike borrowing costs too aggressively to tame supply-driven inflation risk exacerbating price gains.

Gold prices edged higher as the dollar slipped, while investors looked forward. The U.S. dollar edged back from near a two-decade peak against a basket of major currencies as investors looked to a speech by Federal Reserve Chair Jerome Powell the following day for fresh clues on the path of monetary policy. Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. On the sectoral front, Realty and PSU Bank rose 1%-2%, while selling was seen in IT, auto, bank, pharma and FMCG.

Nifty 50 top gainers are Shree Cement, Hindalco, Divis Lab, HDFC Life & SBI Life. Whereas Adani Ports, Baja Finance, Cipla, Indusind Bank & Axis Bank were among the top losers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Sensex Nifty