Daily Market Commentary - Jan 10, 2023 - Bonanza Portfolio

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

Indian indices opened on a flat note amid mixed global cues. At the time of closing, Sensex was down by 631.83 points or 1.04% to close at 60,115.48, and Nifty was down by 187.05 points or 1.03% to close at 17,914.15.

During the day, India's headline retail inflation is unlikely to have changed much in December 2022 from November's 11-month low of 5.88%. CPI inflation dropped sharply in November to below RBI 6% upper bound for the first time in 2022. India, the world's biggest rice exporter, is likely to lift restrictions on grain shipments in a move that would mark a further easing of a global wave of food protectionism after Russia's invasion of Ukraine. The industry group will seek approval to ship at least 1 million tons of broken rice and request that the 20% tax on white rice exports be removed. SEBI on Monday said payment mechanisms provided by banks and payment aggregators can be used for the settlement of trades in the debt securities executed on the request for quote (RFQ) platform of stock exchanges.

December Mutual Fund Data (MoM): Net Equity Inflow at Rs 7,280.4 cr vs Rs 2,224 cr. Liquid Fund outflow at Rs 13,852 cr vs Rs 34,276.4 cr inflow. Total Debt Scheme outflow at Rs 21,947 cr vs Rs 3,668.6 cr inflow. Corporate Bond Fund Outflow at Rs 713 cr vs Rs 3,466.4 cr inflow. Total AUM at Rs 39.88 lk cr. Jobs in the IT services sector remained flat in December 2022, despite an increase in the number of jobs in November, this is the second lowest active job count in the last two years, with 70,000 job openings.

Asian shares fell on Tuesday, commodities shed recent gains from China's reopening, and oil traded lower following hawkish comments from two US Federal Reserve officials overnight, with investors turning cautious ahead of key inflation data. The U.S. dollar languished near a seven-month low against other major currencies, as investors took heart that the Federal Reserve may be nearing the end of its rate-hike cycle and as China's reopening drove demand for riskier assets. On the sectoral front, Except for auto, all other sectoral indices end in red where the PSU Bank index is down over 2%, while the Nifty Bank index is down 1%.

Nifty 50 top gainers are Tata motors, Apollo Hospital, Hindalco, Powergrid, and Divis lab while Adani Enterprises, Bharti Airtel, Eicher Motors, Adani ports, and State Bank of India were among the top losers.

Source : Equity Bulls

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