Daily Market Commentary - Jan 13, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a positive start on Wednesday tracking global peers coupled with easing inflation numbers. Benchmarks were trading in negative territory in the late afternoon session as traders remain concerned with the SBI Ecowrap report stating that India's fiscal deficit in the current financial year is likely to reach 7.4 percent of the GDP on the back of enhanced government expenditure amid the pandemic.

The market failed to show strength to stay above the level of 14600.

The S&P BSE Sensex slips 25 points or 0.05% at 49,492 and the Nifty50 benchmark was up 1.40 point at 14,564. PSU banks, auto and IT shares supported the markets. However, losses in pharma, financial services and realty stocks limited the upside.

Asian markets were trading mostly in green, as investors are assessing the spread of the second coronavirus wave and government shutdowns after the discovery of new strains in multiple countries, weighed against the new stimulus expected to be launched by many governments soon in addition to vaccines. European markets were trading mostly in green, as investors monitor vaccine rollouts and coronavirus containment measures.

In Nifty 50, the first five gainers are M&M, Adani ports, SBI, IOC and NTPC. Whereas major losers were HDFC, Bajaj Finance, Shree cement, UPL and Bajaj finserv.

Source : Equity Bulls

Keywords