Daily Market Commentary - Oct 7, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened marginally lower today amid weak global cues. At the time of closing, the Sensex was down 30.81 points or 0.05% at 58,191.29, and the Nifty was down 17.10 points or 0.10% at 17,314.70.

During the day, Indian benchmark indices ended with marginal change in the highly volatile session. The World Bank on Thursday projected a growth rate of 6.5% for the Indian economy for the fiscal year 2022-23, a drop of 1% from its previous June 2022 projections, citing the deteriorating international environment. The Indian economy grew by 8.7% in the previous year. SEBI has granted its in-principle approval to BSE for introducing (Social Stock Exchange) SSE as a separate Segment on BSE. Reserve Bank of India (RBI) has approved the appointment of Mr. Prashant Kumar as the MD & CEO of the Yes Bank for a period of three (3) years.

Japanese households increased spending in August compared with a year earlier as the economy continued to recover from COVID-19 restrictions, but rising prices are clouding the outlook for further gains. Household spending rose 5.1% in August. Credit Suisse will buy back up to 3 billion Swiss francs ($3 billion) of debt, from the embattled Swiss bank. Oil prices rose, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd). On the sectoral front, Reality, Media gain rest all ends in red with IT dragging the most.

Nifty 50 top gainers are Titan, Power grid, NTPC, Grasim and ONGC while Tata Consumers, BPCL, M&M, Ultra Tech cement, and TCS were among the top losers.

Source : Equity Bulls

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