Daily Market Commentary - Dec 9, 2022 - Bonanza Portfolio

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

Indian indices opened on a positive note today with Nifty around 18650. At the time of closing, Sensex was down by 385.85 points or 0.62% to close at 62,184.83 and Nifty was down by 118.50 points or 0.64% to close at 18,490.85.

During the day, The Reserve Bank of India (RBI) signed a Currency Swap Agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework. This agreement will enable the MMA to make drawals in multiple tranches up to a maximum of USD 200 million from the RBI. FADA November Data: Total vehicle retail sales were up 25% at 23.80 lakh units against 18.93 lakh units, YoY. SBI Board to consider raising additional tier-I capital. The mutual fund industry tops Rs 40 lakh crore in assets for the first time in November; equity inflows slump 75%. Road transport ministry to launch surety bonds insurance product for infra sector. The Reserve Bank amended the master directions on securitisation of standard assets, barring securitisation of loans with residual maturity of under 365 days with immediate effect, other than for trade receivables.

China's consumer price index rose 1.6% in November on an annualized basis, while its producer price index fell 1.3%. Slightly more Americans filed for jobless claims last week but the labor market remains one of the strongest parts of the U.S. economy. Applications for unemployment benefits rose to 230,000 for the week ending Dec. 3, up by 4,000 from the previous week's 226,000, the US Labor Department reported on Thursday. The four-week moving average of claims, which smooths out week-to-week volatility, rose by 1,000 to 230,000. India's fuel basket is priced at $93/bbl Brent, and if oil remains near $80s, Indian energy equities should see upside risk to expectations, with crude OSPs (Official Selling Price) falling and above-mid cycle fuel cracks benefiting refiners BPCL/IOCL. On the sectoral front, the information technology index shed 3%, metal index, and realty indices were down 1% each. However, the FMCG index gained nearly 1%.

Nifty 50 top gainers are, Nestle India, Sun Pharma, ITC, Dr. Reddy, and Titan while HCL, Tech Mahindra, Infosys, Wipro, and TCS were among the top losers.

Source : Equity Bulls

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