Daily Market Commentary - Dec 4, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made a positive start and soon gained traction. Markets were trading firm with gains of over half a percent on account of buying in Utilities, Capital Goods and Industrials stocks. In the afternoon session, Indian equity markets maintained their upward momentum following gains in telecom, consumer durables and banking stocks.

Most of the Asian equity benchmarks are trading lower on Friday, weighed down by the negative cues from Wall Street overnight followed by the news that Pfizer reduced the number of vaccine doses it might ship this year by half and on dulled sentiments after Republicans and Democrats in Congress remained unable to reach agreement on fresh relief for a pandemic-hit US economy.

The Reserve Bank of India (RBI) has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 percent.

In Nifty 50 top gainers are Hindalco Industries Ltd, UltraTech Cement Ltd, ICICI Bank Ltd, Sun Pharmaceutical Industries Ltd and Adani Ports and Special Economic Zone Ltd. The loser was Reliance Industries Ltd, HDFC Life Insurance Company Ltd, Bharat Petroleum Corporation Ltd, Tata Motors Limited and Coal India Ltd.

Source : Equity Bulls

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