Daily Market Commentary - Nov 28, 2022 - Bonanza Portfolio

Mr. Jitendra Upadhyay, Sr. Equity Research Analyst, BONANZA PORTFOLIO LTD

Indian indices opened lower today with Nifty below 18500. At the time of closing, the Sensex was up 211.16 points or 0.34% at 62,504.80, and the Nifty was up 50 points or 0.27% at 18,562.80.

During the day, Indian benchmark indices ended on a positive note with Sensex, Nifty finishing at record closing levels. India wants to narrow its budget deficit by at least 50 basis points, according to people familiar with the matter, as authorities balance global investor scrutiny with the need for higher spending as the nation enters an election year. Pharmaceutical exports from India registered a growth of 4.22% to reach $14.57 billion during the April-October period despite a negative trend last month. Foreign portfolio investors have rediscovered their liking for Indian equities, making a net investment of Rs 31,630 crore in November on hopes of an end to the aggressive rate hikes, and positivity about overall macroeconomic trends. India's bank credit growth will accelerate in the financial year ending March 2023 (FY23), despite the effects of higher interest rates. Strong loan growth should benefit net revenue, particularly as it will be coupled with wider net interest margins. Fitch forecasts India's real GDP growth at 7% in FY23.

China's industrial firms saw overall profits decline further in the January-October period as Covid-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity. Industrial profits fell 3% in the first 10 months of 2022 from a year earlier. That compares with a 2.3% drop for January-September. Japan's Nikkei share average slid for a second day on Monday, as protests in China over renewed COVID-19 clampdowns hurt investor sentiment, while tech stocks fell in line with Wall Street peers. On the sectoral front, Except metal, all other sectoral indices ended in the green with oil & gas up 1.5%.

Nifty 50 top gainers are BPCL, Reliance Industries, Hero MotoCorp, Tata Consumer Products and SBI Life Insurance while Hindalco Industries, JSW Steel, Apollo Hospitals, Tata Steel and Bharti Airtel were among the top losers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex