Daily Market Commentary - June 22, 2023 - Bonanza Portfolio

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

Sensex was down by 99.70 points or 0.16 % at 63,423.45, and Nifty was down 19.10 points or 0.10 % at 18,837.70 while at closing, Sensex was down by 284.26 points or 0.45% at 63,238.89, and Nifty was down by 85.50 points or 0.45% at 18,771.30.

Gold fell today and held close to a three-month low touched in the last session and Oil futures dipped slightly Today, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks.

Brent futures eased by 47 cents, or 0.6%, to $76.65 a barrel and U.S. West Texas Intermediate (WTI) crude futures were down by 44 cents, or 0.6%, at $72.09.

The benchmarks had firmed in the previous session as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls could lower biofuels blending and increase oil demand.

However, the market was cautious after Fed Chair Jerome Powell said two more interest rate hikes of 25 basis points each by the end of the year.The Bank of England is expected to raise rates for a 13th time at 1100 GMT in the face of stubbornly strong inflation.Higher interest rates could slow economic growth and reduce oil demand.

On a day of extreme volatility when Small & Midcap stocks faced selling pressure, Sugar stocks bucked the trend and registered smart gains on the back of extension granted for the interest subvention scheme in a move primarily aimed at achieving the ethanol blending target.

All the sectoral indices ended in the red with PSU Bank and Power down by 1 % each, while Oil & Gas, Metal, FMCG, Pharma, Information Technology down by 0.5 % each.

Power Grid Corporation, ONGC, HDFC Bank, Adani Ports and HDFC were among the Top gainer, while losers were JSW Steel, Hindalco Industries, M&M, Divis Laboratories and ITC.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio