Daily Market Commentary - March 9, 2023 - Bonanza Portfolio

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

Indian indices opened flat today amid mixed global cues. At the time of closing, the Sensex was down 541.81 points or 0.90% at 59,806.28, and the Nifty was down 164.80 points or 0.93% at 17,589.60.

During the day, SEBI released a circular chalking out restrictions on placements of bids, price and volume for a company seeking to buy back its shares through the exchange route. The State Bank of India has raised funds worth Rs 3,717 crore at a coupon rate of 8.25% through additional tier-1 bonds. The bonds have a 10-year call option. The proceeds of bonds will be utilized in augmenting additional tier 1 capital and the overall capital base of the bank and for strengthening capital adequacy. India may sell as much as Rs. 250 billion ($3 billion) of green bonds in the next fiscal year and plans to include longer maturity debt to the offering. There is a demand for papers of 30 to 40-year tenor, particularly from insurance companies, to fund projects with a longer gestation period. India offered green bonds in 5-year and 10-year tenors, totaling Rs. 160 billion, in FY23.

Shiseido Asia Pacific Pte Ltd signed a strategic distribution partnership agreement with Global SS Beauty Brands, a subsidiary of Shoppers Stop, to expand its brand footprint in India. US private payrolls increased more than expected in February, pointing to continued labor market strength. Private employment increased by 242,000 jobs last month. China's annual consumer inflation slowed down in February as consumers remained cautious despite the abandonment of strong pandemic controls late last year. The consumer price index (CPI) for the month was 1.0% higher than a year earlier, rising at the slowest pace since February 2022 and compared with the 2.1% annual rise seen in January. The producer price index (PPI) in February fell 1.4% from a year earlier, largely driven by softer commodity costs. On sectoral front, FMCG, Realty, auto and IT down 1% each, while buying was seen in the metal and power names.

Nifty 50 top gainers are Tata Steel, Larsen and Toubro, Bharti Airtel, Apollo Hospitals and Axis Bank while Adani Enterprises, M&M, SBI Life Insurance, Reliance Industries and Adani Ports were among the top losers.

Source : Equity Bulls

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