Daily Market Commentary - Oct 20, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Most of the Asian equity benchmarks and European stocks are trading lower on Tuesday, as concerns about the coronavirus in Europe and investors were cautious on a fresh round of U.S. fiscal stimulus relief before the 2020 presidential elections.

Indian equity benchmarks trade in green terrain in the morning as well as afternoon sessions, led mainly by gains in Telecom and IT stocks.

Sugar stocks reacted positively to the ISMA's statement that India needs to export 6 million tonnes (MT) of sugar in the 2020/21 marketing year started on October 1 as the production is set to jump on higher areas. Healthcare stock was trading higher as Union Minister of State for Agriculture Parshottam Rupala has launched a new scheme under which the (NCDC) would extend term loans of Rs 10,000 crore to cooperatives for creating healthcare infrastructure in rural India.

In Nifty 50 top gainers are HCL Technology Ltd, Tech Mahindra Ltd, Bharti Airtel Ltd, Asian Paints Ltd, and HDFC Bank Ltd. The loser was Britannia Industries Ltd, ONGC Ltd, IOC Ltd, Power Grid Corporation of India Ltd and GAIL (India) Ltd. The breadth was in favor of Bulls. For every three gainers, there were a couple of losers.

Going forward, Nifty may witness rangebound trading sessions between 11650 to 12050.

Source : Equity Bulls

Keywords