Daily Market Commentary - Dec 2, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made a cautious start. Markets are trading lower with marginal losses on account of selling in TECK, IT and Telecom stocks. In the afternoon session, Indian equity benchmarks continued to show a sluggish trend with Sensex and Nifty trading around 44,600 and 13,100, levels. Selling in banking and IT counters kept the markets in red terrain.

Most of the Asian equity benchmarks are trading higher on Wednesday, cheered by the growing progress over a coronavirus vaccine to aid a swift global economic recovery. Market sentiments also got boosted with the hopes of a further stimulus package and a positive trend in Wall Street overnight.

Insurance sector stocks were in focus as the latest data by the General Insurance Council (GIC) showed that foreign direct investment (FDI) in the general insurance sector slipped marginally from the previous year.

In Nifty 50 top gainers are GAIL (India) Ltd, Adani Ports and Special Economic Zone Ltd, Titan Company Ltd, Asian Paints Ltd and Oil & Natural Gas Corporation Ltd. The loser was Kotak Mahindra Bank Ltd, HDFC Bank Ltd, Housing Development Finance Corporation Ltd, Shree Cement Ltd and ICICI Bank Ltd.

Moving forward, Nifty will face resistance around 13145 and support at 12970 breakings either may see a couple of percentage point move in the same direction.

Source : Equity Bulls

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