Daily Market Commentary - July 18, 2023 - Bonanza Portfolio

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

Taking cues from the global market, Indian market closed on a muted noted, where Nifty IT leading the way with gains of 1.06%. Infosys, HCL Tech, Tech Mahindra, Wipro, TCS were the top gainer in Nifty IT. Infosys contribute 27% in Nifty IT, which was up by 3.67% on the news regarding Infosys has signed a framework agreement with one of its current key clients to deliver AI and automation-led development, modernization, and maintenance services. The overall client target spend over the next five years is anticipated at USD 2 billion.

International markets were muted with negative bias on the back of China reported weaker than expected economic growth, tightening of crude supplies by US and Fed monetary policy meeting on 26th July, which will give insight regarding interest rate and other policy.

Netweb Technologies received strong response from investor which is 4.64x subscribed on the second day of bidding where as High networth individual and retail are subscribed by 8.1x and 5.62x.

Infosys, Asian Paints, HCL Technologies, Reliance Industries and Hero MotoCorp were among the top gainers while losers were LTIMindtree, Britannia Industries, State Bank of India, HDFC Life and Titan Company.

Source : Equity Bulls

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DailyMarketCommentary Nifty Sensex BonanzaPortfolio