Daily Market Commentary - March 24, 2023 - Bonanza Portfolio

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

Indian indices opened flat with a positive bias, amid mixed global cues. At the time of closing, Sensex was down 398 points or 0.69% at 57,527.10, and Nifty was down 132 points or 0.77% at 16945.05.

During the day, the Reserve Bank of India (RBI) will conduct a 5-day Variable Rate Repo auction for a notified amount of Rs 75,000 crore. The auction will take place on March 24 between 10:30 am and 11 am and the reversal of funds will take place on March 29. Capital Gain tax to be charged on debt funds, international funds, and gold funds bought from April 1, 2023, onwards, irrespective of their holding period, and will be taxed at an individual's relevant tax slab. The proposed amendment may also cover funds of funds, which invest in units of other mutual funds. The government increased STT on Options by nearly 25%. Punjab National Bank to consider raising capital for FY24 through the issuance of Basel-III compliant additional Tier-1 bonds and Tier-II bonds, in one or more tranches.

Japan's consumer prices rose 3.1% in February from a year earlier, slowing from the four-decade highs seen in previous months. It is the first deceleration in over a year and marks a drop from January when consumer prices jumped 4.2%. The Bank of England raised interest rates by a further 25 basis points and said it expects the surge in British inflation to cool faster than before, despite a surprise jump in price growth. That was its 11th consecutive increase in borrowing costs which began in December 2021, although it was the smallest rise since June last year. On the sectoral front, all sectoral indices ended in red with PSU Bank, Metal, Realty down 2% each, while Capital Goods, Oil & Gas down 1% each.

Nifty 50 top gainers are Cipla, Apollo Hospital, Kotak Bank, Tech Mahindra, and Infosys while Bajaj Financial Services, Bajaj Finance, Tata Steel, Adani Enterprises, and Hindalco were among the top losers.

Source : Equity Bulls

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