Daily Market Commentary - Jan 29, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made an optimistic start tracking overnight gains on Wall Street. But, soon markets trimmed most of their gains and are trading near neutral lines in early deals. Buying in Realty, Industrials and Bankex stocks supported the indices, whereas selling in Healthcare, FMCG and TECK counters kept upside in check. In the afternoon session, Indian equity benchmarks erased all the gains to turn negative as investors were cautious ahead of the tabling of the Economic Survey in the Parliament, later in the day. Both Sensex and Nifty were trading around 46,309 and 13,626 levels.

Asian markets were trading mixed on Friday with some of the markets trim early gains despite the overnight rebound on Wall Street. Worries about a liquidity squeeze in China and highly speculative retail trading in the US weighed on sentiment.

With electric vehicles (EVs) fast becoming the new reality, Union Minister for MSME and Road Transport & Highways Nitin Gadkari has expressed a need to emerge as pioneers in developing leading battery and power-train technologies.

In Nifty 50 top gainers are Indusind Bank Ltd, Sun Pharmaceutical Industries Ltd, ICICI Bank Ltd, HDFC Bank Ltd and HDFC Life Insurance Company Ltd. The loser was Dr. Reddy's Laboratories Ltd, Maruti Suzuki India Ltd, Tata Steel Ltd, Infosys Ltd and TCS Ltd.

Source : Equity Bulls

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