Daily Market Commentary - Sep 29, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian indices were trading red zone in the morning on back of weak global news as traders got worried, after the World Bank said the coronavirus pandemic is expected to lead to the slowest growth in more than 50 years in East Asia and the Pacific as well as China. In the afternoon as gains in IT and Pharma stocks were countered by selling in the banking and financial sector. The S&P BSE Sensex ended with a negative bias at 37,973 down by 0.02% after trading in a range 37,831 and 38,235 while the Nifty50 index was hovering around at 11,222.

Malls are waiting for PVR, INOX to reopen to drive footfalls, especially during festive period.

As per media reports, the government said that India is investigating imports of copper tubes and pipes from Malaysia, Vietnam and Thailand, to determine whether producers in these countries were receiving unfair subsidies.

In Nifty 50, the first five gainers are Hidalco, Ultra Cement, Heromotoco, titan and JSW steel. Whereas major losers were UPL, ONGC, Indusind Bank, Powergrid and NTPC.

Going forward, major support will be seen around 11000 and Resistance will be 11300.

Source : Equity Bulls

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