Daily Market Commentary - Feb 17, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made gap-down opening tracking weakness in global markets. Domestic indices are trading lower with a cut of over half a percent each in early deals due to selling in IT, TECK and Bankex stocks. In the afternoon session, Indian equity benchmarks continued to show a sluggish trend with Sensex and Nifty trading below 51,730 and 15,220 levels.

Most of the Asian equity benchmarks traded lower in early deals on Wednesday, in tandem with the lackluster cues from Wall Street overnight and on profit booking after the stocks went bullish on optimism with the world getting back to normalcy amid reduced corona cases and faster vaccine rollout.

The government has said that increased emphasis on infrastructure spending in sectors like agriculture, healthcare and automobiles in the Budget 2021-22 will result in increased demand for petrochemicals like polymers and specialty chemicals in the country.

In Nifty 50 top gainers are Bharat Petroleum Corporation Ltd, Power Grid Corporation of India Ltd, HDFC Life Insurance Company Ltd, Gail (India) Ltd and Coal India Ltd. The loser was Nestle India Ltd, Asian Paints Ltd, Maruti Suzuki India Ltd, Bajaj Finserv Ltd and HDFC Bank Ltd.

Source : Equity Bulls

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