Daily Market Commentary - Dec 22, 2022 - Bonanza Portfolio

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

Indian Indices open on a positive note amid global cues, with Nifty above 18,300. At the time of closing, Sensex was down by 241.02 points or 0.39% to close at 60,826.22 and Nifty was down by 71.75 points or 0.39% to close at 18,127.35.

During the day, The Reserve Bank of India (RBI) Governor is of the opinion that a premature pause in the monetary policy rate hike course would prove to be a costly policy error at this juncture. Indian Oil Corporation (IOC), the nation's largest oil firm, has selected Reliance Jio's managed network services to connect a fifth of its petrol pump network. Jio will connect 7,200 IOC sites with SD-WAN managed service solution, zero-touch provisioning and 24x7 real-time monitoring. Share price of Reliance Industries opened higher after the company announced the acquisition of 100% equity stake in Metro Cash and Carry India Pvt Ltd (Metro India) for a cash consideration of Rs 2,850 crore. Maruti Suzuki has signed an agreement with Kamarajar Port for the export of passenger vehicles to Africa, the Middle East, Latin America, ASEAN, Oceania & SAARC regions. IndusInd Bank hikes lending rates by 5-15 basis points across tenures. RBL Bank hikes lending rates by 10 basis points across tenures.

US consumer confidence rose to an eight-month high in December as inflation retreated and the labor market remained strong, but fears of a recession persisted, resulting in fewer households planning to make big-ticket purchases over the next six months. The US current account deficit narrowed sharply in Q3 as exports jumped to a record high. The Commerce Department said that the current account deficit, which measures the flow of goods, services, and investments into and out of the country, contracted 9.1% to $217.1 billion last quarter. All sectors ended the day in red with autos, metals and PSU banks taking the biggest hit.

Nifty 50 top gainers are Sun Pharma, SBI Life, Ultra Cement Company, Grasim, and Asian Paints while UPL, Mahindra & Mahindra, Bajaj Financial Services, Eicher Motors, and Indusind bank were among the top losers.

Source : Equity Bulls

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