Daily Market Commentary - July 14, 2023 - Bonanza Portfolio

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

Nifty ended on a positive note; Most of the sectoral indices were in green, with Nifty IT leading the way with a 4.45% gain. Positive international sentiments and IT companies reports about effective growth forecasts in FY24 fueled the optimism IT stocks. Patanjali food will not use over allotment option.

In light of this, the promoter will proceed with its base offer of 2.53 crore equity shares, or 7% shareholding. The sale on July 14 would therefore reserve 25.33 crore equity shares for distribution to retail investors. 22 lakh shares, or 2% equity, were in the overallotment option.

TCS, Infosys, Tech Mahindra, LTIMindtree and HCL Technologies were among top gainer while losers included HDFC Life, M&M, Power Grid Corporation, Titan Company and Dr Reddy's Laboratories.

Source : Equity Bulls

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