Daily Market Commentary - Sep 2, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note amid mixed global cues with the Nifty around 17600. At the time of closing, the Sensex was up 36.74 points or 0.06% at 58,803.33, and the Nifty was down 3.30 points or 0.02% at 17,539.50.

During the day, in the highly volatile session, Indian benchmark indices ended on flat note. India's unemployment rate surged to a one-year high of 8.3% in August as employment fell sequentially by 2 million to 394.6 million. In July, the unemployment rate was at 6.8%. India's services exports increased by 20.2% year-on-year to $23.26 billion in July. The July exports were, however, lower than $25.29 billion in June this fiscal. As per the monthly data on services for July 2022, the imports rose 22.3% to $13.92 billion in July. India collected Rs 1.44 lakh cr. in Goods and Services Tax (GST) in August, registering an increase of 28% from the mop-up a year back & when compared to the money collected in July, the August GST mop-up was 4% lower.

Asian shares were mixed and the dollar stood tall ahead of a key U.S. jobs report as investors braced for more aggressive rate hikes from the Federal Reserve, while commodities took an overnight dive amid new China lockdowns. MSCI's broadest index of Asia-Pacific shares outside Japan remained largely unchanged in early Asia trade but was headed for its worst weekly performance. Japan's Nikkei and Chinese blue chips were mostly unchanged, Hong Kong's Hang Seng index eased 0.2% and South Korea gained 0.5%. All eyes are now on U.S. August nonfarm payroll data due.

The dollar was headed for a third weekly gain in a row and stood near its highest levels for decades on the euro and yen. Gold edged up but was headed for a third straight weekly drop. On the sectoral front, capital goods index rose 1% and Oil & gas index shed 1%. However, selling was also seen in the IT, metal, oil & gas, pharma and PSU banks.

Nifty 50 top gainers are ITC, Adani Ports, HDFC, Larsen and Toubro & Kotak Bank while BPCL, Shree Cements, Hero MotoCorp, Hindalco Industries, ONGC.

Source : Equity Bulls

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