Daily Market Commentary - April 19, 2023 - Bonanza Portfolio

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

Indian indices opened on a flat note on the back of mixed global cues. At the time of closing, Sensex was down 159 points at 59,567.80 and Nifty was down 41 points at 17,618.75.

During the day, to rationalize tax structure in the petroleum sector and promote investments, the government has revised the windfall tax on domestic crude oil production to Rs 6,400 per tonne. A windfall tax is a higher tax levied by the government on specific industries when they experience unexpected and above-average profits. State Bank of India's executive committee has approved the long-term fundraising in single/multiple tranches up to $2 billion, through a public offer and/or orivate placement of senior unsecured notes in US dollars or any other convertible currency during F24. Bank of India has approved the raising of capital up to Rs. 6,500 crore for F24, comprising Rs 4,500 crore via the issue of fresh equity capital in the form of FPO/OP/Rights issue/preferential issue and/or Basel Ill compliant additional Tier-1 (AT-1) bonds, and Rs 2,000 crore via Basel III compliant Tier-2 bonds.

Britain now has Western Europe's highest rate of CPI after it fell by less than expected in March to 10.19 from February's 10.4%. Despite falling in March, Britain's inflation rate was the highest in Western Europe and the only country in the region to post a double-digit number for last month, after Austria. The dollar steadied on Wednesday after seesawing along with bond market volatility in recent sessions, as investors scrutinized U.S. economic indicators, Federal Reserve commentary, and corporate earnings for clues about the path for interest rates. US Treasury Secretary Janet Yellen on Thursday will lay out the Biden administration's principal obiectives for the US-China economic relationship in a speech in Washington. On the sectoral front, the IT index shed 1%, and the power index lost 1%. However, buying was seen in the metal, oil & gas, and pharma names.

Nifty 50 top gainers are SPCL, Divis Laboratories, Bajaj Auto, Axis Bank, and M&M while HCL Technologies, infosys, Indusind Bank, SBI Life insurance, and Wipro were among the top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty Sensex BonanzaPortfolio