Daily Market Commentary - Nov 1, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note with Nifty around 18,100 on the back supporting Asian markets. At the time of closing, the Sensex was up 374.76 points or 0.62% at 61,121.35, and the Nifty was up 133.20 points or 0.74% at 18,145.40.

During the day, India's 8 core sectors grew 7.9% in September, quickening from an upwardly revised 4.1% in August. Output in 6 of the 8 core sectors grew in September. These sectors include coal, refinery products, electricity, fertilizers, cement, and steel. The central government's fiscal deficit widened to Rs. 6.20 lakh crore in April-September, accounting for 37.3% of the full-year target. The fiscal deficit for April-September 2021 accounted for 35% of the FY22 target. The fiscal deficit in the first half of the last financial year was Rs. 5.27 lakh crore. According to the S&P Global's Purchasing Managers' Index, India's manufacturing PMI rose to 55.3 from 55.1 in September. India collected Rs 1.52 lakh crore in Goods and Services Tax (GST) in September, the second-highest ever collection. Monthly GST revenues have been more than Rs. 1.40 lakh crore for eight months in a row, an indication of the continued economic recovery.

South Korea's exports in October suffered their fastest decline in more than two years and missed expectations as shipments to neighbouring China tumbled. Exports by Asia's fourth-largest economy fell 5.7% from a year earlier to $52.48 billion in October, posting their biggest percentage fall since August 2020 and missing a median 3.0% loss. Japan's manufacturing activity grew at its slowest pace in 21 months in October on marked declines in output and overall new orders, as exports were partly hurt by worsening conditions in China and South Korea. The Au Jibun Bank Japan Manufacturing Purchasing Managers' Index fell to a seasonally adjusted 50.7 in October from September's 50.8 final. On the sectoral front, Power, Metal, Pharma and Information Technology indices up 2% each, while Realty index up 1%.

Nifty 50 top gainers are Adani Enterprises, Divis Labs, NTPC, Power Grid Corp and Grasim Industries while losers included Axis Bank, UPL, Eicher Motors, Reliance Industries and Maruti Suzuki.

Source : Equity Bulls

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