Daily Market Commentary - Nov 3, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks made an optimistic start tracking the rally in global peers. Markets are trading firm in early deals on the back of buying in all the sector indices except telecom. In the afternoon session, Indian stock markets were trading in fine fettle, with Sensex and Nifty trading above 40,100 and 11,800 levels respectively. Healthy buying was observed in blue-chip stocks like ICICI Bank, SBI, and Indusind Bank.

Most of the Asian equity benchmarks are trading in the green on Tuesday, as the investor sentiments boosted with the better than expected prospects in manufacturing in the US, Europe and China brushing off some losses caused by election jitters, and worries over a resurgence in Covid cases with the potential lockdowns and restrictive measures.

In Nifty 50 top gainers are ICICI Bank Ltd, Hindalco Industries Ltd, Sun Pharmaceutical Industries Ltd, SBI, HDFC Ltd and Power Grid Corporation of India Ltd. The loser were UPL Ltd, NTPC Ltd, Reliance Industries Ltd, Nestle India Ltd and HCL Technologies Ltd.

Nifty has again entered the range of 11650-12050, now one should wait for either side break for confirmation.

Source : Equity Bulls

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