Daily Market Commentary - April 25, 2023 - Bonanza Portfolio

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

Indian indices opened on flat note amid mixed global cues. At the time of closing. Sensex was up 74.61 points or 0.12% to close at 60130.71, and Nifty was up 25.85 points or 0.15% to close at 17769.25.

During the day, India is considering linking its power grid to Saudi Arabia and the UAE through undersea cables, with the power ministry circulating cabinet notes for inter-ministerial consultation to initiate the process to expand access to reliable power and boost the country's energy security. The Reserve Bank of India has increased its gold reserves due to uncertainties in financial markets that have triggered risk aversion. The Power Transmission & Distribution (PT&D) Business of Larsen & Toubro (L&T) Construction has recently secured EPC orders in India and overseas. The Business has secured orders to develop distribution infrastructure in two discom circles of western Rajasthan. The Business has also bagged a power supply system order for the second phase of Chennai Metro.

Fitch Ratings has assigned a 'BBB-(EXP' expected rating to State Bank of India's proposed senior unsecured notes, which will constitute its direct, unconditional, unsubordinated, and unsecured obligations and will at all times rank pari passu among themselves and with all of SBI's other unsubordinated and unsecured obligations. Overseas investors in unlisted Indian firms may have to pay higher capital gains taxes following a recent ruling by the Mumbai Income Tax Appellate Tribunal on two conflicting tax provisions that apply to non-resident entities. Oil prices slipped in early trade on Tuesday, paring gains from the previous session, as investors weighed strong holiday travel in China that could boost fuel demand. Gold prices edged higher in early Asian trading on Tuesday, helped by a softer dollar, although investors looked forward to further U.S. economic data due this week to gauge the Federal Reserve's next policy move. On the sectoral front, power and PSU Bank indices up 1% each, while metal, infra, oil & gas and realty up 0.5% each.

Nifty 50 top gainers are Baja Finance, Adani Enterprises, Britannia Industries, Bajaj Finserv and Indusind Bank while HDFC Life, UPL, HDFC Bank, HDFC and Tech Mahindra were among the top losers.

Source : Equity Bulls

Keywords

DailyMarketCommentary BonanzaPortfolio Nifty Sensex