Daily Market Commentary - Nov 5, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks extended their previous session's gains and are trading in fine fettle early deals on firm global cues. Sensex climbed over 500 points in opening deals, Nifty breached 12,000-mark. In the afternoon session, Indian equity benchmarks continued to trade in high spirits, on account of broad based buying in blue-chip counters amid positive global cues. Finally, Nifty settled at 12120 for the day.

Most of the Asian equity benchmarks are trading in the green on Thursday, in tandem with the firm trend in US stocks followed by the reports that Democratic candidate, Biden is tipped to win the election.

The Finance Ministry in its monthly report has said that the Indian economy is poised to recover at a fast pace and reach pre-Covid-19 levels by the end of the year but also cautioned about the possibility of 'fatigue with social distancing norms' triggering a second wave of coronavirus infections.

In Nifty 50 top gainers are Hindalco Industries Ltd, State Bank of India, Bharat Petroleum Corporation Ltd, Tata Steel Ltd and Bajaj Finance Ltd. The losers were Hero MotoCorp Ltd and HDFC Life Insurance Company Ltd.

Going forward, Bulls has a tight grip on the market currently. Any close below 11980 will bring Bear into business till that time Bull can march towards 12430 with a small hurdle at 12270-12380.

Source : Equity Bulls

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