Daily Market Commentary - June 9, 2023 - Bonanza Portfolio

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

At opening, Sensex was up by 94.02 points or 0.15 % at 62,942.66, and Nifty was up 29.50 points or 0.16 % at 18,664 while At close, Sensex was down by 223.01 points or 0.35% at 62,625.63, and Nifty was down by 71.10 points or 0.38% at 18,563.40.

The domestic market witnessed extended selling pressure as investors eagerly awaited the domestic inflation data due on Monday as the RBI refrained from an aggressive cut in their inflation forecast. The market is hopeful that the CPI inflation for May will further moderate from its current level of 4.7%. In addition to the domestic factors, global cues also failed to provide support, as the US reported high unemployment claims ahead of the release of the inflation figures and the Fed meeting.

Indian Rupee appreciated on weak US Dollar and decline in crude oil price. FII inflows also supported Rupee while weak domestic equities capped sharp gains. U.S. Dollar declined after weekly unemployment claims fell to a year and half low at 261,000 vs. 233,000 in the previous week.

Among sectors, Capital goods up by 1 %, while FMCG, PSU Bank, Information Technology, Metal and Oil & Gas down by 0.5-1%.

Top losers were Hero MotoCorp, Divis Laboratories, Tata Steel, HDFC Life and Eicher Motors, while gainers included IndusInd Bank, Axis Bank, L&T, Adani Enterprises and Power Grid Corporation.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex