Daily Market Commentary - March 22, 2023 - Bonanza Portfolio

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

Indian indices opened higher today with Nifty around 17,150. At the time of closing, the Sensex was up 139.91 points or 0.24% at 58,214.59, and the Nifty was up 44.40 points or 0.26% at 17,151.90.

During the day, "Over the financial year ahead (2023-24), India's inflation is expected to range tightly between 5.0 to 5.6% if India survives an El Nino event adversely affecting the southwest monsoon, given global uncertainties." RBI bulletin. Indian bank's balance sheets are much stronger in the capital, asset quality & liquidity on the back of tighter regulations by the regulator. MCX Gold provided returns of almost 15.42% during FY23, while India's benchmark Sensex and Nifty fell 1.03% and 2.31%, respectively. Domestic silver recorded an increase of 2.1% in FY23 compared with a 6.3% increase in the previous fiscal year.

British annual inflation unexpectedly accelerates, in fresh headwinds for a nation battling a cost-of-living crisis. The Consumer Prices Index (CPI) rose by 10.4% in the 12 months to February 2023. The dollar was pinned near five-week lows ahead of the conclusion of the U.S. Federal Reserve's policy meeting, with investors awaiting clarity on the path the central bank is likely to take in the wake of global banking turmoil. Investor attention is zeroed in on whether the Fed will stick to its hawkish path to fight sticky inflation or pause interest rate hikes given recent trouble among banks which have included bankruptcy and last-minute rescues. Oil prices rose more than 2%, extending a retreat from a 15-month low hit, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand. On the sectoral front, the Pharma index added 1% and PSU Bank index up 0.8%.

Nifty 50 top gainers are HDFC Life, Bajaj Finance, Bajaj Financial Services, Sun Pharma, Tata Consumer while, BPCL, NTPC, Coal India, Adani Ports, Adani Enterprises were among the top losers.

Source : Equity Bulls

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