Daily Market Commentary - July 28, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Wednesday Indian equity benchmarks made a negative start amid weak global cues. Soon, markets extend their losses and are trading lower with cuts of over half a percent in early deals. Selling in Realty, IT, and Bankex dampened the sentiments in the markets. Some volatility came in ahead of Thursday's F&O expiry. Traders were concerned as the International Monetary Fund (IMF) sharply scaled down India's economic growth projection by 300 basis points to 9.5 percent for the current financial year from 12.5 percent estimated earlier in April. In the afternoon session, the Indian equity benchmark continued its weak trend. Both Sensex and Nifty are trading around 52,443and 15,709 levels.
Asian equity benchmarks traded in red in early deals on Wednesday, with the equity gauge near its 6-month low level. The benchmarks saw a sharp sell-off in the technological stocks after the tech-heavy Nasdaq 100 posted the largest decline in more than two months with the sharp correction in US equities overnight.
Chemicals and Fertilisers Minister Mansukh Mandaviya said the production linked incentive scheme (PLI) for pharmaceutical products has export generation potential of Rs 1,96,000 crore over a period of six years.
In Nifty 50 top gainers Bharti airtel, SBI life ins, Tata steel, Divis labs, and Indusind Bank. The losers are Kotak Mahindra, Dr. Reddys Labs, Tata Motors, Cipla, and M&M.