Daily Market Commentary - May 7, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Wednesday Indian equity benchmarks made an optimistic start following gains in Asian peers. Markets are trading firms in early deals with gains of around half a percent each on account of buying in all the sector indices led by Oil & Gas, Metal and Telecom stocks. In the afternoon session, Indian equity benchmarks, continued to trade in fine contour on continued buying by funds and retail investors as RBI Governor Shaktikanta Das unveiled liquidity support measures amid rising Covid-19 cases in India. Both Sensex and Nifty are trading around 48,588 and 14,591 levels.
Asian equity benchmarks traded mixed early deals on Wednesday, as the market exercised caution in midst of a continued surge of novel coronavirus infections and on a holiday thin-trade. Stock markets of Japan, South Korea and China are closed for a public holiday.
Given the massive surge in COVID-19 cases, the Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the central bank will continue to monitor the emerging COVID-19 situation and will deploy all resources and instruments at its command for citizens, business entities, and institutions beleaguered by the second wave.
In Nifty 50 top gainers Sun Pharmaceutical Industries Ltd, UPL Ltd, Kotak Mahindra Bank Ltd, Indusind Bank Ltd and Axis Bank Ltd. The losers are Adani Ports and Special Economic Zone Ltd, Bajaj Finance Ltd, SBI Life Insurance Company Ltd, Asian Paints Ltd and Hindustan Unilever Ltd.