Daily Market Commentary - April 21, 2023 - Bonanza Portfolio

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

Indian indices opened flat with a positive bias amid weak global cues. At the time of closing, the Sensex was up 22.71 points or 0.04% at 59,655.06, and the Nifty was down 0.50 points or 0.00% at 17,624.

During the day, Indian telecom companies are expected to witness a lacklustre Q4F23 because of sluggish revenue growth and increased expenses related to the 5G rollout. While Bharti and Airtel are expected to have stable subscriber growth, VI is predicted to continue losing market share. A pause in interest rate hikes aided the recovery in the automobile sector, likely a key growth tailwind for logistics firms in the January-March 2023 quarter. Board of Directors of the Bank of Baroda have considered and approved the raising of foreign currency fund through the issuance of Bonds up to USD 1.00 Billion under the Bank's MT programme and through the issuance of Certificate of Deposits up to USD 3.00 Billion under CD programme in single or multiple tranches at the appropriate time.

Oil prices slid by about $2 a barrel to their lowest level since late March, dragged lower by fears a possible recession could dent fuel demand and after a rise in US gasoline inventories. In Asia, Japan's consumer inflation held steady above the central bank's target in March, with a key index hitting a four-decade high, putting pressure on the Bank of Japan (BOJ) to shift away from its ultra-loose monetary policy stance. The dollar slipped against the Japanese yen in early Asia trade, though it rose against most major currencies, with the U.S. dollar index edging 0.06% higher to 101.84. Eurozone April Services PM rises to 56.6; Eurozone April Manufacturing PM at 45.5. On the sectoral front, realty index down 2%, while auto and metal indices down 1% each.

Nifty 50 top gainers are TCS, ITC, Britannia Industries, Wipro and Asian Paints while HDFC Life, Tech Mahindra, Adani Enterprises, SBI Life Insurance and Maruti Suzuki were among the top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary Nifty Sensex BonanzaPortfolio