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Market Commentary
Daily Market Commentary - Nov 3, 2022 - Bonanza Portfolio
Posted On : 2022-11-03 22:30:09( TIMEZONE : IST )
Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD
Indian indices opened on a negative note on the back of weak global cues. At the time of closing, the Sensex was down 69.68 points or 0.11% at 60,836.41, and the Nifty was down 30.10 points or 0.17% at 18,052.70.
During the day, Indian October Services PMI was at 55.1 versus 54.3 in September, and Composite PMI was at 55.5 versus 55.1 in September. The world's top bankers expect markets to stay turbulent in the near term due to monetary tightening and geopolitical risks. The market expects the Bank of England to raise interest rates by 75 basis points, its largest hike since 1989. The Federal Reserve pumped up its benchmark interest rate by three-quarters of a point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes. The Fed's move raised its key short-term rate to a range of 3.75% to 4%, its highest level in 15 years.
US private payrolls increased more than expected in October, offering more evidence of labor market resilience and suggesting that the Federal Reserve could continue to aggressively raise interest rates for a while. The services sector added 247,000 jobs, with the leisure and hospitality industry accounting for 210,000 positions. Payrolls in the trade, transportation, and utilities industry increased by 84,000 jobs. China's services activity contracted again in October as COVID-19 containment measures hit businesses and consumption, overshadowing the economic rebound in the last quarter, a private-sector business survey showed on Thursday. The Caixin services purchasing managers' index (PMI) fell to 48.4 last month, the lowest since May, from 49.3 in September. On the sectoral front, except the bank, realty, and FMCG, all other sectoral indices ended in the red.
Nifty 50 top gainers are SBI, Titan Company, UPL, HUL, and HUL. While Tech Mahindra, Hindalco Industries, Power Grid Corporation, NTPC, and Infosys were among the top Nifty losers.
