Daily Market Commentary - June 26, 2023 - Bonanza Portfolio

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

At Opening, Sensex was up by 75.66 points or 0.12 % at 63,055.03, and Nifty was up by 17.30 points or 0.09 % at 18,682.80 while At closing, Sensex was down by 9.37 points or 0.01% at 62,970.00 and Nifty was up by 25.70 points or 0.14%at 18,691.20.

The deeper cut by OPEC has less effect on the prices as Russia is offering crude oil to Asian buyers at deep discounts, thus hurting the OPEC voluntary cuts. In May 2023, India and China accounted for almost 80%of Russian crude oil exports. On the other hand, Energy producers in the US further cuts down drilling activities for the 8th straight week. The market looks forward to the Chinese PMI and US job numbers as the next catalyst.

Indian Rupee traded in a range-bound manner today. A weak tone in domestic markets and some softness in US Dollar put downside pressure on Rupee while the overnight surge in crude oil prices and FII outflows cushioned a sharp fall in Rupee. US Dollar strengthened on Friday as bearish PMI data from Europe and UK raised worries over the global recession, triggering safe-haven demand for the greenback. However, disappointing PMI data from US capped sharp gains in Dollar.

Gold prices rebounded from a low of $1,910 per ounce on June 26 and traded in the green aided by a weaker dollar. The safe haven currency fell on the back of weak manufacturing data in the US.

The initial public offering (IPO) of drone maker IdeaForge Technology was fully subscribed by the afternoon, On the first day of bidding.The offer received bids for 99.76 lakh equity shares against an issue size of 46.48 lakh, the latest data on exchanges showed, which means the issue was subscribed 2.15 times.

NTPC, Reliance Industries, TCS, Power Grid Corporation and Coal India were top losers, while gainers included Cipla, Hero MotoCorp, Adani Enterprises, Tata Consumer Products and Divis Laboratories.

Source : Equity Bulls

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