Daily Market Commentary - March 15, 2023 - Bonanza Portfolio

Mr. Rajesh Sinha, Sr. Research Analyst, BONANZA PORTFOLIO LTD

Indian indices opened on a positive note with Nifty around 17200. At the time of closing, Sensex down 344.29 points or 0.59% at 57,555.90 and Nifty down by 71.15 points or 0.42% at 16,972.15.

During the day, the Trade Deficit for India stands at $17.43 billion versus $17.76 billion, MoM, and $18.75 billion, YoY. All the Domestic indices saw a roller coaster ride amid continued global uncertainty. India's IT Industry has a higher exposure to the US Economy & BFSI sector, leading to a selloff amid the default of Silicon Valley Bank, a leading lender of start-ups in the U.S. However, the current uncertainty is on US small to medium banks, and relief measures announced by the Federal Reserve are expected to moderate the concern.

Underlying US consumer prices rose in February by the most in 5 months, forcing a tough choice for Federal Reserve officials weighing still-rapid inflation against banking turmoil in their next interest-rate decision. The consumer price index, excluding food and energy, increased 0.5% last month and 5.5% from a year earlier. Bitcoin hit a 9 month high, taking gains past 30% in four days as it shrugged off chaos in global markets after last week's collapse of Silicon Valley Bank and rode expectations that US interest rates won't rise so fast. On the sectoral front, except for Metal, Pharma, and Capital Goods, all other sectoral indices ended in the red.

Nifty 50 top gainers are Adani Enterprises, Adani Ports, Asian Paints, Tata Steel, and Titan while Bharti Airtel, IndusInd Bank, Reliance, State Bank of India, and Hindustan Unilever were among the top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty Sensex BonanzaPortfolio