Daily Market Commentary - Oct 8, 2021 - Bonanza Portfolio
2021-10-10 16:11:48 (Time Zone: IST)
Mr Vishal Wagh, Research Head
Indian equity benchmarks continued their gaining momentum with the positive start on Friday following broadly positive cues. Markets once again added gains in the late afternoon session, breaching their crucial 60100 (Sensex) and 17900 (Nifty) levels. Sentiments were upbeat as the RBI stated that India's growth rate has seen improvement, and the projection for GDP for the financial year of 2021-22 has been retained at 9.5 percent. Also, RBI's dovish policy stance kept the sentiment on market bullish. This is the eighth time in a row that the Monetary Policy Committee, headed by RBI Governor Shaktikanta Das, has maintained the status quo. However, the upside remains capped as Fitch Ratings in its latest report further lowered India's GDP growth forecast for the fiscal year ending FY22 to 8.7 percent from 10 percent projected in June as a result of the severe second virus wave.
Asian markets were trading mostly higher as Chinese markets came back a bit more positive after a long holiday, encouraged by a survey showing services sector activity improving. Back home, in scrip-specific developments, Trident touches the roof on launching consumer website 'myTrident.com', while Piramal Enterprises tumbled demerger plan of pharma business.
In Nifty 50 top gainers Reliance, Wipro, Infosys, Tata Motors, and Tech Mahindra. The losers are SBI life, Coal India, NTPC, Shree cement, and Maruti Suzuki.