Daily Market Commentary - April 19, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Monday Indian equity benchmarks made a gap-down opening on concerns over economic growth amid continuing rising COVID-19 cases in the country and stricter restrictions imposed in various states. Markets extended their losses in early deals on account of selling in all the sector indices except healthcare. In the afternoon session, Indian equity benchmarks continued to grapple in deep red ignoring the positive cues from the global bourses, as India continued to report a record spike in daily Covid-19 cases. Both Sensex and Nifty are trading around 47,937 and 14,355 levels.
Most of the Asian equity benchmarks traded higher in early deals on Monday, with the continued optimism over global economic recovery amid positive earnings news and strong economic data from the US and China.
Chief Economic Adviser (CEA) K V Subramanian has said that the Indian economy is in better shape to address the challenge of the second wave of Covid-19 pandemic compared to last year as vaccines have been developed and vaccination drives are taking place.
In Nifty 50 top gainers Dr. Reddy's Laboratories Ltd, Britannia Industries Ltd, Infosys Ltd, Wipro Ltd and Cipla Ltd. The losers are Adani Ports and Special Economic Zone Ltd, Power Grid Corporation of India Ltd, Indusind Bank Ltd, Hero MotoCorp Ltd and Oil & Natural Gas Corporation Ltd.