Daily Market Commentary - Feb 18, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks made flat-to-positive start amid mixed global cues. Markets were trading near neutral lines with marginal gains in early deals on account of buying in Oil & Gas, PSU and Metal counters. However, selling in Telecom, Bankex and Auto stocks capped the up move. In the afternoon session, Indian equity benchmarks extended their losses and were trading with a cut of over half a percent each as selling appeared in banking, auto and capital goods stocks. Both Sensex and Nifty are trading around 51,314 and 15,117 levels.

Most of the Asian equity benchmarks traded lower in early deals on Thursday, in tandem with the negative cues from the US stock market overnight amid concerns about inflation. Profit booking at prevailing levels also added to the selling offs.

To boost telecom industry, the government has approved a Rs 12,195 crore production-linked incentive (PLI) scheme for telecom gear manufacturing in India.

In Nifty 50 top gainers are Oil & Natural Gas Corporation Ltd, Gail (India) Ltd, Bharat Petroleum Corporation Ltd, Indian Oil Corporation Ltd and NTPC Ltd. The loser was Bajaj Finance Ltd, Nestle India Ltd, Kotak Mahindra Bank Ltd, Housing Development Finance Corporation Ltd and HDFC Bank Ltd.

Source : Equity Bulls

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