Daily Market Commentary - June 23, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Wednesday Indian equity benchmarks made an optimistic start for yet another day tracking firm global cues. But, soon markets trimmed gains and are trading flat with positive bias in early deals. Gains in the markets were led by Metal, Auto and Consumer Durables counters. In the afternoon session, Indian equity benchmarks continued to trade in red below the neutral lines. Both Sensex and Nifty are trading around 52,308 and 15,684 levels.
Most of the Asian equity benchmarks traded higher in early deals on Wednesday, as the worries over benchmark interest rate hike faded after US Federal Reserve Chair Jerome Powell trivialized the risks of inflation during the testimony before the House Select Subcommittee on the Coronavirus Crisis, and also pointed out the sustainability in economic improvement.
SBI's economists said Indian companies' market capitalization has grown at the fastest pace last year among major economies despite the contraction in GDP, flagging the risks to financial stability it poses.
In Nifty 50 top gainers Maruti Suzuki India Ltd, Titan Company Ltd, Bajaj Finserv Ltd, Mahindra & Mahindra Ltd and Ultratech Cement Ltd. The losers are Adani Ports and Special Economic Zone Ltd, Wipro Ltd, Divi's Laboratories Ltd, Shree Cement Ltd and JSW Steel Ltd.