Daily Market Commentary - March 31, 2023 - Bonanza Portfolio

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

Indian indices opened strong with Nifty above 17200. At the time of closing, Sensex up 1031.43 points or 1.78% to close 58,991.52 and Nifty up 279.05 points or 1.63% to close 17,359.75.

During the day, Domestic indices showed strength on the last day of the Financial Year 2023 with broad bases visible across various sectors. FY23 was a good year for the defense sector with GOI emphasising more and more on indigenisation as they produced a long list of products to be procured from India. This gave a solid kicker to all the domestic defense players though the defense outlay wasn't that heavy in the Union Budget of 2023. However, in FY24, it is expected that the huge orders received by the defense companies in last year from all the faculties of MOD will start delivering and add to the numbers this year. Morgan Stanley has upgraded India to equal-weight (EW), with the narrowing valuation premiums and a resilient economy, stated its equity strategists for the Asia-EM markets. They are particularly positive about the country's financials and consumer-discretionary sectors.

Aether Industries has executed a Letter of Intent with Saudi Aramco Technologies Company, Saudi Arabia. As per the Letter of Intent captured the preliminary terms regarding the finalization of a detailed licensing agreement towards the manufacturing and commercialization of the Converge polyols technology and product series, the manufacturing process. China's small banks have problems but they don't carry the same risks as those exposed by the collapse of Silicon Valley Bank, said Zhu Min, vice president of the China Center for International Economic Exchanges. Jeremy Siegel, a renowned American economist has declared that the US economy is on the verge of an economic downturn. On the sectoral front, all the sectoral indices ended in green with IT up 2% and auto, bank, FMCG, Capital Goods, Realty and Oil & Gas up 1% each.

Nifty 50 top gainers are Reliance, Nestle India, Infosys, ICICI Bank, and Tata Motors while Apollo Hospital, Sun Pharma, Adani Ports, Asian Paints, and Bajaj Finance were among the top losers.

Source : Equity Bulls

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