Daily Market Commentary - April 20, 2023 - Bonanza Portfolio Ltd

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

Indian indices opened on flat note on the back of mixed global cues. At the time of closing, Sensex was up 64.55 points or 0.11% at 59,632.35, and Nifty was up 5.70 points or 0.03% at 17,624.50.

During the day, The education loan portfolio of non-banking financial companies is likely to grow 35-40% in FY24 riding on specialized business models and an increase in the number of students traveling abroad. Speedy loan disbursal, supported by the adequate risk classification of foreign universities both institute-wise and course-wise, and structured loan repayment terms have helped these NBFCs serve the financing requirements of students traveling abroad in an optimal manner. Growth in Asia's third-largest economy was expected to slow to 6.0% in the fiscal year to end March 2024, unchanged from a March survey, after likely growing 6.9% last fiscal year. The stock of cigarettes-to-hotels conglomerate ITC Ltd became the 11th Indian listed company to hit Rs 5 trillion market capitalization after its shares touched an all-time high surging over 21% so far this year. The Reserve Bank of India has granted Authorized Dealer Category-I (AD-I) license to Equitas Small Finance Bank to deal in foreign exchange.

The Singapore Exchange (SGX) issued a circular earlier in the week indicating that there will be a full-fledged liquidity switch from SGX NIFTY to NSE's IFSC-SGX Connect, which will effectively facilitate exclusive trading of all US dollar-denominated Nifty derivatives contract on the NSE IFSC. China, India to lead global growth over the next five vears: Global headline inflation is set to fall from 8.7% in 2022 to 7% in 2023 on the back of lower commodity prices, but underlying (core) inflation is likely to decline more slowly. On the sectoral front pharma index was down 1% and the realty index down 0.5%, while buying was seen in the capital goods, power, infra, and banking.

Nifty 50 top gainers are NTPC, Adani Ports, Tata Motors, Bajaj Auto, and Asian Paints while Divis Labs, Eicher Motors, HUL, Dr Reddy's Laboratories, and Hindalco Industries were among the top losers.

Source : Equity Bulls

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