Daily Market Commentary - Feb 1, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a positive start on Monday ahead of Union Budget to be presented by Finance Minister Nirmala Sitharaman later in the day. Markets are trading higher with decent gains in early deals. Buying in Bankex, Oil & Gas and Energy counters are supporting the domestic indices. In the afternoon session, Indian equity benchmarks continued to trade positive, bulls has taken charge on Dalal Street, as investors have given big thumbs up to Budget 2021-22. Both Sensex and Nifty are trading around 48,600 and 14,254 levels.

Most of the Asian equity benchmarks are trading higher on Monday, despite the concerns about recent market volatility. The market sentiments got buoyed after coronavirus vaccine maker AstraZeneca agreed to increase supplies to Europe.

PHD Chamber of Commerce and Industry (PHDCCI) in its latest report has said that India will emerge as the most resilient economy after Germany in 2021, exhibiting a strong economic resurgence to the global economic turmoil caused by the COVID-19 pandemic.

In Nifty 50 top gainers are Indusind Bank Ltd, ICICI Bank Ltd, Bajaj Finserv Ltd, State Bank of India and Housing Development Finance Corporation Ltd. The loser was UPL Ltd, Dr. Reddy's Laboratories Ltd, Tech Mahindra Ltd, Cipla Ltd and Hindustan Unilever Ltd.

Source : Equity Bulls

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