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Mahindra Lifespace Developers Ltd Q4FY25 consolidated PAT climbs to Rs. 85.08 crores
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Market Commentary
Daily Market Commentary - June 30, 2023 - Bonanza Portfolio
Posted On : 2023-06-30 17:40:17( TIMEZONE : IST )
Mr. Rajesh Sinha, Sr. Research Analyst, BONANZA PORTFOLIO LTD
At opening, Sensex was up by 357.70 points or 0.56 % at 64,273.12, and Nifty was up by 99.50 points or 0.52 % at 19,071.60 while at closing, Sensex was up by 803.14 points or 1.26 % at 64,718.56, and Nifty was up by 216.90 points or 1.14%at 19,189.
Oil prices rose above $75 a barrel today, but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.
European equity markets opened in slightly positive territory, after making marginal gains throughout the week, with investors keeping an eye on upcoming euro zone inflation data.
IT stocks are trading higher after recent data releases have revealed unexpected strength in various sectors of the US economy, indicating resilience and pushing back the possibility of a recession.
Infosys Ltd rose 2.8 %, Tata Consultancy Services gained 2.4 %, LTIMindtree jumped 2.3 %, Wipro climbed 1.3 %, Tech Mahindra 1.8 %, HCL Technologies 1.1 %, BSE IT Index jumped 2%.
Shares of asset management companies (AMCs) surged in the early trade on June 30 after the marker regulator deferred its decision to rationalise the total expense ratio (TER), or the expenses that mutual fund (MF) schemes can charge their investors.
The Securities and Exchange Board of India (SEBI) was expected to redefine TER by bringing many charges within its limits, a proposal that had AMCs concerned. Analysts had expected a 20-30 % drop in profits for AMCs if proposals were accepted by SEBI Board which met on June 28.
All the sectoral indices ended in the green with Information Technology index up by 2.5 % and PSU Bank index up by 2 %. Auto, and capital goods indices rose 2 % each. BSE midcap and smallcap indices gained by 0.5 % each.
Top gainers were M&M, Infosys, IndusInd Bank, Hero MotoCorp and Sun Pharma, while losers were Adani Ports, Divis Laboratories, Adani Enterprises, Apollo Hospitals and Bajaj Auto.
