Daily Market Commentary - Jan 18, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made a slightly negative start tracking weakness in global peers. Soon, markets extended their losses and are trading lower with a cut of over half a percent each. Broad-based selling in all the sector indices, led by Metal, Realty and Auto, dragged the markets down. In the afternoon session, Indian equity benchmarks continued to show a sluggish trend with Sensex and Nifty trading around 48,673.68 and 14,309.85 levels.

Most of the Asian equity benchmarks are trading lower in early deals on Monday, pressured by worries about U.S. and China tensions amid Trump administration has notified Chinese telecom giant Huawei's suppliers, including chipmaker Intel, that certain licenses to sell to the Chinese company will be revoked.

Former chief economic adviser, Arvind Virmani has said that the Indian economy is likely to contract in the range of 5-7.5 percent this fiscal (FY21) but will see a growth of 9 to 11 percent in FY 2021-22.

In Nifty 50 top gainers are UPL Ltd, Reliance Industries Ltd, Titan Company Ltd, ITC Ltd and HDFC Bank Ltd. The loser was Tata Steel Ltd, Tata Motors Ltd, Oil & Natural Gas Corporation Ltd, Hindalco Industries Ltd and Sun Pharmaceutical Industries Ltd.

Source : Equity Bulls

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