Daily Market Commentary - Jan 9, 2023 - Bonanza Portfolio

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

Indian indices opened on a positive note today with Nifty around 18000. At the time of closing, Sensex was up 846.94 points or 1.41% to close at 60,747.31 and Nifty 50 was up 241.75 points or 1.35% to close at 18,101.20.

During the day, India's gross domestic product (GDP) is estimated to grow by 7% in 2022-23, the statistics ministry. The country's nominal GDP growth for FY23 is estimated at 15.4% versus 19.5% in FY22. The Reserve Bank of India (RBI) said that it will issue Sovereign Green Bonds worth Rs 8,000 crore each in two tranches on January 25 and February 9. The RBI will sell two bonds maturing in five years and 10 years worth, Rs 4,000 crore each, at every auction. Foreign investors offloaded nearly Rs 5,900 crore from the Indian equity markets in the first week of January on growing concerns over the re-emergence of Covid in some parts of the world and recession worries in the US. Foreign Portfolio Investors have been adopting a cautious stance toward Indian equity markets for the past few weeks.

HDFC Bank hiked lending rates by 20-25 bps across loan tenures. IDFC First Bank hikes lending rates by 15-20 bps across tenures. The US economy produced jobs at a slower but still comfortable rate at the end of 2022, as higher interest rates and changing consumer habits downshifted the labor market without bringing it to a halt. Employers added 223,000 jobs in December on a seasonally adjusted basis. Gold prices shot up over 1 percent on Friday to seven-month highs as Treasury yields and the dollar fell after US economic data cemented expectations of a less-hawkish Fed, setting the metal on track for its third consecutive weekly rise. On the sectoral front, Information Technology, power, auto, capital goods, metal, and PSU bank index are up 1-2%.

Nifty 50 top gainers are Mahindra and Mahindra, SBI Life, IndusInd Bank, TCS, and HCL Tech while Titan, Bajaj Financial Service, Grasim, Bajaj Auto, and HDFC Life were among the top losers.

Source : Equity Bulls

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