Daily Market Commentary - Dec2 2, 2022 - Bonanza Portfolio

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

Indian indices opened lower today with the Nifty below 18,800. At the time of closing, Sensex was down by 415.69 points or 0.66% to close at 62,868.50 and Nifty was down by 116.40 points or 0.62%% to close at 18,686.10.

During the day, India collected Rs. 1.46 lakh crore as Goods and Services Tax (GST) in November. GST collections for November are up 10.9% compared to the same month last year, but 3.9% lower from October. The country's unemployment rate rose to a 3 month high in November, according to data by the Centre for Monitoring Indian Economy. The unemployment rate in urban India was higher at 8.96%, while in rural areas, it was at 7.55%. The government invited preliminary bids for the strategic sale of NMDC's Nagarnar Steel Plant. The Central government on December 1 said that it has further cut windfall tax on locally produced crude oil and diesel exports. Punjab National Bank has raised Rs 4,000 crore by issuing bonds at a coupon of 7.89% per annum on a private placement basis. The bank issued bonds to 18 investors.

Softbank is likely to sell a 5 percent stake in PB Fintech, the parent company of Policy bazaar, via a block deal on December 2. The stake that would be offloaded would be worth ~Rs. 1,000 crore. South Korea's consumer prices rose 5.0% in November from a year earlier. The November inflation rate compared with 5.7% in October and 5.1%. The country's inflation rate has been falling since hitting a 24-year high of 6.3% in July as global energy prices eased and the economy slowed. Oil prices settled largely narrowly, retreating from an early rally built on dollar weakness and hopes for improved fuel demand in China after COVID-19 curbs were eased in two major Chinese cities. On the sectoral front, except realty and metal, all other sectoral indices are trading in the red.

Nifty 50 top gainers are Apollo Hospital, Tech Mahindra, Dr. Reddy, Tata Steel, and Grasim while Eicher Motors, Tata Consumer, Mahindra & Mahindra, Hero Motors Corporation, and Hindustan Unilever were among the top losers.

Source : Equity Bulls

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