Daily Market Commentary - Sep 6, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian Indices open on a positive note today, amid global cues. At the time of closing, Sensex was done by 48.99 points or 0.08% at 59,196.66 & Nifty was down by 10.20 points or 0.06% at 17,655.60.

During the day, Leading stock exchanges BSE and NSE announced that they have taken measures for standardizing the disclosures made by listed companies pertaining to critical information for investors. India produced 58.33 million tonnes of coal in August, missing its target of 67.94 MT for the month. India's minister of petroleum and natural gas said most of India's crude oil supplies in the near future will come from the Gulf countries, including Saudi Arabia and Iraq. Bonds worth over Rs 30,000 cr. issued by banks and NBFCs are set to hit the market later this week, as they seek to raise funds at lower interest rates. The impact of the Russia-Ukraine conflict, higher inflation, and tightening global financial conditions are unlikely to derail India's economic recovery from the pandemic, rating agency Moody's.

European shares climbed, following a rough start to the week as worries over a looming energy crisis and recession weighed on risk appetite, while Credit Suisse Group rose after the lender agreed to sell its global trust business. Japan's Nikkei share average inched up, as investors bought back stocks after four straight sessions of losses. On the sectoral front, oil & gas, power, & metals top gainers while financials drag.

Nifty 50 top gainers are Apollo Hospitals, Bharti Airtel, NTPC, Shree Cement & SBI Life while Tata Consumers, Bajaj FinSv, Britannia, M&M & Bajaj Finance were among the top losers.

Source : Equity Bulls

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