Daily Market Commentary - Dec 16, 2022 - Bonanza Portfolio

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

Indian indices open on a negative note with the Nifty around 18,300 amid global cues. At the time of closing, Sensex tanks 461.22 points or 0.75% to close at 61,337.81, and Nifty tanks 145.90 pints or 0.79% to close at 18,269.00.

During the day, India's merchandise exports posted a marginal increase in November on a YoY basis to $31.99 billion. The rise in exports in November was a mere 0.6%. According to SEBI data, Indian corporates and lenders raised Rs 76,563.34 crore by placing 140 bonds in November compared to Rs 34,699.38 crore in October. The tax on crude oil produced by firms such as the state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 1,700 per tonne from the existing Rs 4,900 per tonne, as per government notification. Investments by private equity and venture capital funds have declined by 42% YoY to USD 4 billion in November. Exports in April-November amounted to $295.26 billion, up 11.1%, while imports were 29.5% higher at $493.61 billion.

The European Central Bank slowed its record pace of interest rate hikes, joining the US Federal Reserve and other central banks around the world in reinforcing an inflation crackdown while glimpsing headway against the high prices that are plaguing consumers. British consumer confidence crept up this month but is still close to all-time low levels as households see their incomes eroded by high inflation. US retail sales fell more than expected in November, but consumer spending remains supported by a tight labor market, with the number of Americans filing for unemployment benefits decreasing by the most in five months last week. On the sectoral front, all the sector indices end in red.

Nifty 50 top gainers are, Tata Motors, HUL, Nestle India, HDFC Bank, and UPl while, Adani Ports, Mahindra and Mahindra, BPCL, Asian Paints, and Dr. Reddy were among the top losers.

Source : Equity Bulls

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