Daily Market Commentary - Dec 21, 2022 - Bonanza Portfolio

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

Indian Indices opened on a positive note, amid global cues, with nifty above 18,400. At the time of closing, the Sensex ends 635.05 points or 1.03% lower at 61067.24, and the Nifty shed 179.70 points or 0.98% at 18205.60.

During the day, The Reserve Bank of India sold $922 million worth of foreign currency on a net basis in October to shore up the rupee, which is sharply lower than it did in September. The India VIX index, maintained by the National Stock Exchange, surged over 12% on December 21. The index is calculated by looking at the movement in the prices of options contracts of the Nifty 50 index. The Securities and Exchange Board of India (Sebi) tweaked the present share buyback norms for listed companies and tightened disclosure rules in its bid to increase transparency and credibility of markets. Buyback through stock exchange route to be phase out in a gradual manner. Companies have to now use 75% of the proceeds of the buyback undertaken through the stock exchange route from the existing minimum of 50%.

Japan will pay close attention to the COVID-19 situation in China, in addition to risks from a global economic slowdown, price hikes, and supply constraints, according to its monthly report for December. The government cut its view on factory output for the first time in six months as global demand for semiconductors is pausing, but it kept its assessment on the overall economy unchanged. Bank of Japan announces unscheduled bond buying operations. Indonesia to ban bauxite ore exports starting June 2023. On the sectoral front, oil & gas, power and realty were the top losers, down over 2% each.

Nifty 50 top gainers are Divis Lab, Cipla, Apollo Hospital, Sun Pharma, and Dr. Reddy while Adani Enterprises, Adani Ports, Ultra Tech Cement, and Indusind Bank were among the top losers.

Source : Equity Bulls

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