Daily Market Commentary - Nov 25, 2022 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head, BONANZA PORTFOLIO LTD

Indian indices opened flat today, amid weak Asian markets. At the time of closing, Nifty was up by 28.65 points or 0.15% to close at 18,512.75 while Sensex was up by 20.96 points or 0.03% to close at 62,293.64.

During the day, Benchmark indices ended flat. India's outbound shipments could slow amid the global recession and uncertainties, Commerce and Industry Minister. In October, the country's exports declined sharply by 17%, the first shrinkage in nearly two years. The trade deficit widened sharply. India's current account deficit will reach the red line of 3% of gross domestic product this fiscal year, primarily because of the trade gap. State Bank of India (SBI) is considering raising funds through the issuance of infrastructure bonds worth up to Rs 10,000 crore during FY23. The total issuance includes Rs 5,000 crore green shoe, and the bonds will be issued through public issue or private placement.

Core consumer prices in Japan's capital, a leading indicator of nationwide trends, rose at their fastest annual pace in 40 years in November and exceeded the central bank's 2% target for a sixth straight month, signalling to broaden inflationary pressure. Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023. The unemployment rate for persons aged 15 years and above in urban areas declined to 7.2% during July-September 2022 from 9.8% a year ago, the National Statistical Office (NSO). Germany's final Q3 GDP rises 0.4% (QoQ) against an estimate of 0.3%. On the sectoral front, selling is being witnessed in FMCG, IT and Banks.

Nifty 50 top gainers are HDFC Life, Tata Motors, Hero Motors Corporation, Coal India, and Reliance while ICICI Bank, Nestle India, Kotak Bank, Titan, and Britannia were among the top losers.

Source : Equity Bulls

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