Daily Market Commentary - July 20, 2023 - Bonanza Portfolio

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

Taking cues from the global market, Indian market closed on a positive note, where Nifty Pharma, Nifty FMCG, Nifty bank were the top performer with gains of 1.46%, 1.35%, 1.13%, respectively. On the back of attractive number reported by companies and better result expectation for peer attracting both Foreign and Domestic investors, resulted in Nifty inches closer to 20,000.

The market discovery price of Rs 261.85 per share of Jio Financial Services has arrived far higher than most brokerages' predictions. This high price reflects the market's estimate of Jio Financials' potential. Reliance Retail and other Reliance business has the ability to propel the firm forward for many years. This potential is being observed by the market for Reliance stock recovery by the end of day.

ITC, Kotak Mahindra Bank, Dr Reddy's Laboratories, ICICI Bank and Cipla were top gainer while losers were Reliance Industries, Infosys, UltraTech Cement, HCL Technologies and Bajaj Finserv.

Source : Equity Bulls

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DailyMarketCommentary BonanzaPortfolio Nifty Sensex