Daily Market Commentary - April 24, 2023 - Bonanza Portfolio

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

Indian indices opened higher with Nifty around 17,700. At the time of closing, Nifty was up 119.35 points or 0.68% at 17,743.40, and Sensex was up 401.04 points or 0.67% at 60,056.10.

During the day, HDFC Asset Management Company received final approval from the SEBI for a change in control of the company due to a change in co-sponsor of HDFC Mutual Fund from HDFC to HDFC Bank, after the merger of HDFC and HDFC Bank. The respective approvals from SEBI in terms of the AlF regulations and the PMS regulations are awaited. Reliance Industries has decided to withdraw the proposal to merge subsidiary Reliance New Energy Limited (RNEL) with itself and, instead, let the venture undertake the renewable energy venture of the conglomerate.

Oil prices slipped on concerns about rising interest rates, the global economy, and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts. The dollar began the last trading week of the month on the back foot, with traders awaiting a slew of central bank meetings in May for clues on when the steepest global monetary policy tightening campaign in years might come to a halt. On the sectoral front, information technology, and financials were major gainers while pharma faced selling pressure.

Nifty 50 top gainers are HDFC Life, Tata Consumers, Wipro, Axis Bank, and ICICI Bank while Dr. Reddy, Indusin, Bank, Sipla, Divis Lab, and Maruti were among the top loser.

Source : Equity Bulls

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