Daily Market Commentary - Nov 29, 2022 - Bonanza Portfolio

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

Indian indices opened flat today amid mixed global cues. At the time of closing, the Sensex was up 177.04 points or 0.28% at 62,681.84, and the Nifty was up 55.20 points or 0.30% at 18,618.

During the day, The Indian economy likely returned to a more normal 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter, but weaker exports and investment will curb the future activity. Citing a weak manufacturing sector coupled with the steep margin compression, SBI Research has penciled in the country's GDP growth for the second quarter at 5.8%, down 30 bps from average estimates. The State Bank of India (SBI) board will meet to consider 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 of green shoes, and the bonds will be issued through public issue or private placement. The market capitalization of listed firms on the BSE touched a record high of Rs287 trillion on Tuesday after foreign investors continued buying local stocks and falling in crude oil.

The dollar clawed back earlier losses on Monday as a hawkish Federal Reserve official laid out the case for further rate hikes, while the Australian dollar sank on concerns about unrest over COVID-19 restrictions in China. Global oil benchmarks pulled back from their lowest levels in nearly a year, with US crude ending positive, bolstered by talk of an OPEC production cut that offset concerns about strict Covid-19 curbs in China, the world's biggest crude importer. US West Texas Intermediate (WTI) crude settled up 96 cents, or 1.3%, at $77.24, after earlier touching its lowest since December 2021 at $73.60. On the sectoral front, FMCG and Metal indices rose 0.5-1%, while selling was seen in the auto, oil & gas and capital good stocks.

Nifty 50 top gainers are HUL, JSW Steel, Hero MotoCorp, Cipla and Britannia Industries while IndusInd Bank, Coal India, Bajaj Finserv, Maruti Suzuki and Power Grid Corporation were among the top losers.

Source : Equity Bulls

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