Daily Market Commentary - Jan 17, 2023 - Bonanza Portfolio

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

Indian indices opened marginally higher today amid mixed Asian cues. At the time of closing Sensex up by 562.75 points or 0.94% to close at 60,655.72 and Nifty was up by 158.45 points or 0.89% to close at 18,053.30.

During the day, Energy imports by India Jumped in the 9 months that ended December, as domestic demand remained high amid the global energy crisis. Among the imported commodities, the highest surge was reported in petroleum, crude and petroleum products, followed by coal, coke, and briquette. With this India has cut its windfall tax on crude oil and exports of aviation turbine fuel (ATF) and diesel. The Reserve Bank of India tweaked norms related to the acquisition and holding of shares in banks to ensure that their ultimate ownership and control remain well diversified and the major shareholders are 'fit and proper' on a continuing basis. In the past six months, Nifty50 has risen 12%, whereas Nifty Midcap 100 and Nifty Smallcap gained 12 and 11%. But in the last month, Nifty50 and Nifty Midcap 100 are down 2% but Nifty Smallcap 100 fell 3.5%.

Strict virus controls and a real estate crisis drove China's economic growth down to 3% in 2022 with the fourth quarter clocking 2.9% despite a chaotic exit from the zero-COVID policy. Asian share losses widened after China reported weak fourth-quarter economic data, although investor expectations for a strong rebound in the country remained high even as concerns increase that the global economy is heading for a recession. The dollar drifted above multi-month lows, while the yen was perched near seven-month highs as investors held their breath for a potential policy shift at the Bank of Japan. On the sectoral front, oil & gas, realty, energy, infra, power, capital goods, and FMCG gained 1% each, while the PSU bank index shed 2%.

Nifty 50 top gainers are L&T, HUL, HDFC, HCL Technologies, and HDFC Bank while SBI, IndusInd Bank, Bajaj Finserv, Wipro, and Bajaj Finance were among the top losers.

Source : Equity Bulls

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