Daily Market Commentary - Nov 7, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices open on a positive note with Nifty up 0.52% at 18,211.80. At the time of closing, the Sensex was up by 234.79 points or 0.39% to close at 61,185.15 and Nifty was up by 85.65 points or 0.47% to close at 18,202.80.

During the day, India's forex reserves increased by $6.561 billion to reach $531.081 billion for the week ending October 28. The overall reserves, which have been on a declining spree, had dropped by $3.847 billion to $524.52 billion. Foreign currency assets (FCA), a major component of the overall reserves, increased by $5.772 billion to $470.847 billion during the week of October 28. Federation of Automobile Dealers Associations October Data: Total vehicle retail sales are up 47.6% at 20.94 lakh vs 14.18 lakh YoY, 2-wheeler sales are up 51.1% at 15.7 lakh vs 10.4 lakh YoY, Passenger vehicle sales are up 40.5% at 3.3 lakh vs 2.3 lakh YoY, and Commercial vehicle sales up 25.4% at 74,443 units vs 59,363 units YoY. For October, It is expected that CPI inflation will moderate to 6.5% YoY from 7.4% in September, primarily on favorable base effects.

Four Federal Reserve policymakers on Friday indicated they would still consider a smaller interest rate hike at their next policy meeting, despite new data showing another month of robust job gains and only small signs of progress in lowering inflation. The United States added 261,000 jobs last month. Data for September was revised higher to show 315,000 jobs created instead of the previously reported 263,000, but the unemployment rate ticked up to 3.7% from 3.5%. China Data Watch: Oct exports down 0.3% YoY in $ terms, Oct imports down 0.7% YoY in $ terms. On the sectoral front, heavy buying was seen in PSU Bank stocks, while selling was seen in pharma stocks.

Nifty 50 top gainers are Britannia, State Bank of India, AdaniEnt, BPCL, and Eicher Motors while Divis Lab, Asian Paints, CIPLA, Sun Pharma & Adani Ports were among the top losers.

Source : Equity Bulls

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