Daily Market Commentary - Jan 22, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made a negative start tracking weakness in Asian peers. But, markets turned volatile and are struggling for direction. Buying in Auto, Consumer discretionary and Industrials stocks are supporting markets while selling in Bankex, Healthcare and Power stocks limit the upside. In the afternoon session, Indian equity benchmarks continued to show a sluggish trend with Sensex and Nifty trading around 48,972 and 14,401 levels.

Asian equity benchmarks are trading lower on Friday, retreated due to profit booking after strong gains in previous sessions followed by hopes on more stimulus under the new Biden administration and ramped up efforts to combat the coronavirus.

The Reserve Bank of India (RBI), in its latest assessment of the economy, indicated that the Indian economy has further recovered and estimates the Gross Domestic Product (GDP) to turn positive in the third quarter of current financial year (Q3FY21).

In Nifty 50 top gainers are Bajaj Auto Ltd, Hero MotoCorp Ltd, Hindustan Unilever Ltd, Eicher Motors Ltd and TCS Ltd. The loser was Axis Bank Ltd, Hindalco Industries Ltd, Asian Paints Ltd, State Bank of India and ICICI Bank Ltd.

Source : Equity Bulls

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