Daily Market Commentary - Jan 16, 2023 - Bonanza Portfolio

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

Indian indices opened higher today, with Nifty above 18000. At the time of closing, Sensex was down 168.21 pts. or 0.28% to close at 60,092.97 and Nifty was down 61.75 pts. or 0.34% to close at 17,894.85.

During the day, The Reserve Bank of India (RBI) Governor on January 13 said it is too early to revisit the inflation target of 4% with a 2% deviation on either side, in the current situation. "There could be a moderation in inflation target numbers globally but it would be too soon to shift the targets". December WPI inflation was at a 22-month low at 4.95% versus 5.85%, MoM. India's December Export | Import down by 12.2% | 3.5% on YoY Basis. December trade deficit up 12.8% at $23.76 billion YoY. While, Exports | Import up 7.8% | 4.2%, and the trade deficit is down 0.5% MoM. The yellow metal "Gold" is on fire. Gold futures traded at a new high of Rs 56,245 per 10 grams on the MCX. All large-cap, blue-chip stocks are to shift to the T+1 settlement cycle from Jan 27. Kotak Mahindra Bank hikes lending rates by 10-30 basis points across loan tenures from today.

Foreign investors offloaded around Rs 15,000 crore worth of Indian equities in the first two weeks of January amid risks of Covid in some parts of the world and recession worries in the US. FPIs have been adopting a cautious stance toward Indian equity markets for the past few weeks. The Japanese yen held near an over seven-month peak, as traders, in the lead-up to the Bank of Japan's monetary policy decision this week, ramped up bets that the central bank could make further tweaks to its yield control policy. On the sectoral front, except IT, power and PSU bank, all other sectoral indices ended in the red.

Nifty 50 top gainers are, Tech Mahindra, HCL Tech, Infosys, Wipro, and Hero Motors Company while Adani Enterprises, Axis Bank, JSW Steel, NTOC, and Hindalco were among the top losers.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex