Daily Market Commentary - Jan 25, 2023 - Bonanza Portfolio

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

Indian indices opened lower today with Nifty below 18,100 amid mixed global cues. At the time of closing, the Sensex was down 773.69 points or 1.27% at 60,205.06, and the Nifty was down 226.30 points or 1.25% at 17,892.

During the day, the central government is likely to kick off its first-ever issuance of green bonds on a strong note, with debt market participants predicting firm demand. A total of Rs 8,000 crore worth of green bonds, Rs 4,000 crore of 5-year bonds and Rs 4,000 crore of 10-year bonds, will be on the block where Debut of 10-Year Green Bond coupon rate fixed at 7.29%, RBI. The upcoming Budget for 2023 is poised to be a game-changer for investors and the economy as a whole. The government is expected to unveil measures that will attract more foreign capital and boost the competitiveness of Indian businesses.

The Bank of England will lift the Bank Rate by 50 basis points on February 2 to 4% and then add another 25 basis points in March before pausing, according to a poll. The downturn in the US business activity eased slightly in January even as it contracted for the seventh straight month, while the eurozone business activity made a surprise return to modest growth, as two of the world's major economies hope to avert recession this year. Asian equities extended their winning run to scale their highest levels in seven months on Wednesday, with South Korean stocks leading the way, and the Australian dollar hit multi-month highs. On the sectoral front, bank, power, PSU bank and realty down 2-3% each.

Nifty 50 top gainers are, Hindalco Industries, Maruti Suzuki, Bajaj Auto, HUL and Tata Steel while Adani Ports, SBI, IndusInd Bank, HDFC Bank and Cipla were among the top losers.

Source : Equity Bulls

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