Daily Market Commentary - July 19, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Monday Indian equity benchmarks made a gap-down opening following losses in global peers as fears of rising inflation and a relentless surge in Delta variant of the coronavirus in Asian countries. Markets are trading lower with a cut of over half a percent each in early deals due to selling in Bankex, Auto and Metal stocks. In the afternoon session, Indian equity benchmarks continued to trade in red terrain. Sentiments were fragile as an uncontrolled pandemic in parts of Asia and fear of faltering economic growth. Both Sensex and Nifty are trading around 52,552 and 15,749 levels.
Most of the Asian equity benchmarks traded in red in early deals on Monday, due to wilting investor confidence with the accelerating spread of the delta variant of the coronavirus across the world, which might curtail the pace of the global economic recovery from the pandemic.
Chief Economic Advisor (CEA) Krishnamurthy Subramanian has said that India's economy will start witnessing a growth of 6.5 to 7 percent from fiscal 2023 onwards, helped by various reforms undertaken by the government so far and also as COVID-19 vaccination drive progresses.
In Nifty 50 top gainers Divi's Laboratories Ltd, Bharat Petroleum Corporation Ltd, NTPC Ltd, Tata Consumer Products Ltd and Nestle India Ltd. The losers are HDFC Bank Ltd, HDFC Life Insurance Company Ltd, Indusind Bank Ltd, Housing Development Finance Corporation Ltd and Hindalco Industries Ltd.