Daily Market Commentary - Jan 6, 2023 - Bonanza Portfolio

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

Indian Indices open on a positive note with Nifty above 18,000. At the time of closing, Sensex closed 452.90 points lower or 0.75% at 59,900. Nifty is down 132.70 points or 0.74% at 17,859.50.

During the day, RBI Governor Shaktikanta Das at IMF event: Taming inflation, containing external vulnerabilities, raising productivity, strengthening cooperation for energy security, green energy cooperation, and promotion of tourism are key policy priorities for South Asian nations. Rupee settlement of trade, CBDCs can be avenues of greater cooperation among South Asian nations. SEBI permits government shareholding in IDBI Bank to be reclassified as public after a stake sale. The SEBI has given its approval for the reclassification of the government's shareholding in the bank as 'public' after its stake sale. The delisting offer for Indian snack food company DFM Foods Ltd is deemed successful by Advent International. With this acquisition, Advent International Corp, which earlier held a 73.70% stake in DFM Foods through its subsidiary AI Global Investments (Cyprus) PCC, now holds a 96.18% stake in the firm.

Japan's real wages fell at their fastest rate 3.8% in over eight years in November as a result of higher inflation, while nominal pay growth slowed despite rising for the 11th straight month. The final au Jibun Bank Japan Services purchasing managers' index (PMI) rose to a seasonally adjusted 51.1 from November's 50.3, although it came in lower than the flash reading of 51.7 for December. China's services activity shrank in December as surging COVID infections hit demand, although the pace of recent declines slowed while business confidence rose to a 17-month high. The US trade deficit contracted by the most in nearly 14 years in November as slowing domestic demand amid higher borrowing costs depressed imports. The trade deficit decreased 21.0% to $61.5 billion, the lowest level since September 2020. On the sectoral front, IT, metals and financials were the top losers.

Nifty 50 top gainers are Britannia, Reliance, M&M, BPCL, and ONGC while JSW Steel, TCS, Indusind Bank, Bajaj Financial service, and Tech Mahindra were among the top losers.

Source : Equity Bulls

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