Daily Market Commentary - Dec 3, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks made a positive start tracking gains in global peers. Markets were trading higher with notable gains on the back of buying in Metal, Utilities and PSU stocks. In the afternoon session, Indian equity benchmarks trimmed almost all of their initial gain but were managing to trade above their neutral lines. Traders pared gains on concern that the growth of India's service sector slowed in November.

Most of the Asian markets were trading higher on Thursday, following positive cues overnight from Wall Street amid optimism over US stimulus talks and as the UK approved the COVID-19 vaccine candidate developed by Pfizer and BioNTech.

There will be some reaction in infrastructure industry stocks with Union Minister Nitin Gadkari's statement that the government has taken multiple steps to attract investments in the infrastructure sector.

In Nifty 50 top gainers are Maruti Suzuki India Ltd, Asian Paints Ltd, Oil & Natural Gas Corporation Ltd, State Bank of India and Hindalco Industries Ltd. The loser was SBI Life Insurance Company Ltd, HDFC Bank Ltd, Housing Development Finance Corporation Ltd, Tata Consultancy Services Ltd and Bajaj Auto Ltd.

Source : Equity Bulls

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