Daily Market Commentary - June 7, 2023 - Bonanza Portfolio

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

At Opening, Sensex was up by 216.52 points or 0.34 % at 63,009.40, and Nifty was up by 72.40 points or 0.39 % at 18,671.40 while at closing, Sensex was up by 350.08 points or 0.56% at 63,142.96, and Nifty was up by 127.40 points or 0.68% at 18,726.40.

Indian Rupee appreciated on positive domestic equities and some softness in US Dollar. Decline in crude oil prices also supported Rupee. However, a soft tone in Asian and European markets due to an unexpected decline in China's trade balance capped sharp gains.

India's GDP estimates were revised to lower level 6.3% for FY 2023-24 from 6.6% earlier. US Dollar softened on uncertainty over rate hike by US Federal Reserve in its June FOMC.

The World Bank revised 2023 global growth forecast higher at 2.1% from 1.7% in its June forecast but slashed 2024 growth estimates to 2.4% from previous forecast of 2.7%.

The dollar wobbled today as chances faded for a rate hike next week by the Federal Reserve, while the Canadian dollar touched one-month highs as traders amped up bets for the country to raise rates and the Turkish lira hit record lows.

All the sector indices ended in the green with Capital goods, Metal, Oil & Gas, FMCG, Power, and Realty up 1 % each.

Top gainers on Nifty were Britannia Industries, Tata Consumer Products, BPCL, Nestle India and HDFC Life, while losers were Cipla, Kotak Mahindra Bank, Bajaj Finance, M&M and Maruti Suzuki.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex