Daily Market Commentary - July 12, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Monday Indian equity benchmarks made an optimistic start tracking strong global cues. Markets are trading firms in early deals with gains of around half a percent each on account of buying in almost all the sector indices led by Realty, Auto and Basic Materials, except power. In the afternoon session, Indian equity benchmarks trimmed all of their initial gains and entered in red terrain. Both Sensex and Nifty are trading around 52,372 and 15,698 levels.
Most of the Asian equity benchmarks traded higher in early deals on Monday, in tandem with the positive trend in Wall Street on Friday.
The Confederation of Indian Industry (CII) in its latest survey report stated that India's economy is expected to see a swift recovery from the impact of the second wave of COVID-19 as lockdowns were largely designed to limit social gatherings and did not affect economic activities much.
In Nifty 50 top gainers Ultratech Cement Ltd, Grasim Industries Ltd, Shree Cement Ltd, JSW Steel Ltd and SBI Life Insurance Company Ltd. The losers are Adani Ports and Special Economic Zone Ltd, Bharat Petroleum Corporation Ltd, Bharti Airtel Ltd, Housing Development Finance Corporation Ltd and Tata Steel Ltd.