Daily Market Commentary - June 14, 2023 - Bonanza Portfolio

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

At opening, Sensex was up by 41.76 points or 0.07 % at 63,184.92, and Nifty was up by 20.80 points or 0.11 % at 18,737. At closing, Sensex was up by 85.35 points or 0.14% at 63,228.51, and Nifty was up by 39.70 points or 0.21% at 18,755.90.

Crude oil price edged higher with the benchmark NYMEX WTI Crude oil was trading up by 1.0% at $70.12 per barrel. Investors are optimistic about the demand outlook after China's decision to cut borrowing costs and the expectation for further stimulus to boost up its economic growth. Meanwhile, news that the US is planning to buy about 12 million barrels of oil this year to refill its depleted emergency reserves supported sentiment. On the macro front, US consumer inflation declined in line with estimates, adding to expectations that the Federal Reserve will pause interest-rate hikes for the first time in 15 months.

Indian Rupee rose to a one-month high on reports of corporate inflows and positive domestic equities. WPI inflation declined by 3.48% in May compared to -0.92% in April. It deflated for the second consecutive month.

Except bank and Information Technology, all other sectoral indices ended in the green, with Metal, FMCG, Oil & Gas and Power indices up by 0.5-1 %

Top gainers included Tata Consumer Products, Tata Steel, Grasim Industries, JSW Steel and Power Grid Corporation, while losers were IndusInd Bank, Bajaj Finance, Axis Bank, Hero MotoCorp and Bharti Airtel.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio