Daily Market Commentary - July 7, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Wednesday Indian equity benchmarks made a negative start tracking lackluster global cues. But, soon markets wiped out losses and turned positive and are trading flat with positive bias in early deals. Buying in Realty, Bankex and Basic Materials aided the indices. Early cautiousness came in as India recorded a spike of 43,957 new infections, taking the total caseload to 30,662,896, according to Worldometer. In the afternoon session, Indian equity benchmarks erased all the losses to turn positive. Both Sensex and Nifty are trading around 52,995 and 15,841 levels.
Most of the Asian equity benchmarks traded lower in early deals on Wednesday weighed down by the continued surge in covid-19 infections and worries over chances of a hawkish stance by the Federal Reserve ahead of the release of the minutes from the Federal Reserve's June meeting.
External Affairs Minister S Jaishankar has said India is coming out of the second wave of the coronavirus pandemic and it will witness a strong economic recovery and contribute to being an engine of growth for the global economy.
In Nifty 50 top gainers Tata Steel Ltd, JSW Steel Ltd, Bajaj Finserv Ltd, Hindalco Industries Ltd and Sun Pharmaceutical Industries Ltd. The losers are Titan Company Ltd, Oil & Natural Gas Corporation Ltd, Mahindra & Mahindra Ltd, Reliance Industries Ltd and Maruti Suzuki India Ltd.