Market Closing Commentary - Jan 6, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made slightly positive start and soon slipped below natural lines. But, markets managed to keep their head above water in early deals on account of buying in PSU, Telecom and Consumer Durables stocks. In the afternoon session, Indian equity benchmarks continue to trade in negative terrain tracking weak cues from Asian markets. Both Sensex and Nifty are trading around 48,162 and 14,139 levels.

Most of the Asian equity benchmarks are trading lower on Wednesday, as surging virus counts and China-U.S. tensions weighed on sentiment.

Some reaction in telecom stocks as the Department of Telecom is expected to issue the notice for upcoming spectrum auction this week that will have timelines and rules to bid for airwaves.

In Nifty 50 top gainers are Power Grid Corporation of India Ltd, Gail (India) Ltd, Shree cement Ltd, Hindalco Industries Ltd and Oil & Natural Gas Corporation Ltd. The loser was ITC Ltd, Reliance Industries Ltd, Bajaj Finance Ltd, HCL technologies Ltd and Hindustan Unilever Ltd.

Source : Equity Bulls

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