Daily Market Commentary - Jan 12, 2023 - Bonanza Portfolio

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

Indian indices opened on a flat note today ahead of the announcement of CPI data. At the time of closing, The Sensex was down 147.47 points or 0.25% to close at 59,958.03, and the Nifty was down 37.50 points or 0.21% at 17,858.20.

During the day, The Centre's direct tax collections, net of refunds, reached 86.7% of the 2022-23 budget target by January 10. Between April 1, 2022 and January 10, 2023, the government's gross direct tax collections stood at Rs 14.71 lakh crore. Net of refunds, which amounts to Rs 2.4 lakh crore, the number is Rs 12.31 lakh crore. Indian government bond yields are expected to be largely unchanged, as market focus remains on inflation readings from India and the United States that are likely to provide cues on the central banks' rate-hike trajectory. Asian stock markets mostly pushed higher today, ahead of US consumer price data that investors hope will confirm inflation is in retreat.

China's annual consumer inflation rate accelerated in December, driven by rising food prices even as domestic demand wavered amid restrained economic activity during the month. The consumer price index was 1.8% higher than a year earlier. The CPI for all of 2022 was 2.0% higher than the level of 2021. The producer price index (PPI) showed an annual drop for a third straight month. In December it was down 0.7% from a year earlier. Japan's current account surplus logged a surprising surge to mark a record for November, as weakness in the yen drove income gains from portfolio investment and direct investment overseas to their highest level for the month. On the sectoral front, bank and oil & gas indices fell 0.5% each, while capital goods and information technology indices rose 0.5% each.

Nifty 50 top gainers are SBI Life Insurance, UltraTech Cement, Larsen and Toubro, HCL Technologies and Dr Reddy's Laboratories while Divis Labs, Reliance Industries, BPCL, Axis Bank and Tata Motors were among the top losers.

Source : Equity Bulls

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