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Market Commentary
Daily Market Commentary - Dec 23, 2022 - Bonanza Portfolio
Posted On : 2022-12-23 21:25:18( TIMEZONE : IST )
Mr. Jitendra Upadhyay, Sr. Equity Research Analyst, BONANZA PORTFOLIO LTD
Indian indices opened on a negative note today with Nifty around 18,000. AT the time of closing, the Sensex was down 980.93 points or 1.61% at 59,845.29, and the Nifty was down 320.50 points or 1.77% at 17,806.80.
During the day, The National Stock Exchange of India (NSE) received in-principle approval from the Securities Exchange Board of India (SEBI) to set up a Social Stock Exchange (SSE) as a separate segment of the NSE. Social Stock Exchange will provide a platform for listing social enterprises and voluntary organizations working for the realization of a social welfare objective. The Government of India is proposing to offer up to 40 lakh equity shares of Indian Railway Catering and Tourism Corporation to eligible employees at a price of Rs 680 per equity share. The markets are getting spooked by rising COVID cases and an increasing number of deaths in China, which might push its economy further on the back foot. A few cases of the Omicron variant found in India and advisories issued by the government added fuel to the fire.
With core inflation remaining sticky in most economies, monetary tightening will likely continue. This increases the probability of large economies falling into a recession and experts see diminishing chances of a soft landing for the US economy. This will aggravate the problems of financial markets. Japan's core consumer inflation hit a fresh 40-year high of 3.7% in November as companies passed on rising costs to households, a sign that price hikes are spreading to broader sectors. Technology stocks in the US were battered after a gloomy outlook from chipmaker Micron Technology weighed on sentiment. On the sectoral front, all sectors end in red.
Nifty 50 top gainers are Cipla, Divis lab, and Titan while Adani Ports, Adani Enterprises, Hindalco, Tata Steel, and Tata Motors were among the top losers.
