Daily Market Commentary - Feb 22, 2021 - BONANZA PORTFOLIO LTD

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made a slightly positive start but soon slipped below natural lines. Markets were struggling for direction and are trading flat in early deals. Buying in Metal, Basic Materials and Telecom stocks are supporting the indices whereas selling in Capital Goods, FMCG and Healthcare counters limiting the gains. In the afternoon session, Indian equity benchmarks continue to trade in deep red amid fresh concerns over the increase in the number of infected COVID-19 cases contributed to the fears that the economic impact will be much larger than earlier estimates. Both Sensex and Nifty are trading around 49,866 and 14,711 levels.

Most of the Asian equity benchmarks traded higher in early deals on Monday, as the continued optimism about the global economic recovery with the huge covid relief fund to be passed soon by the US government.

In Nifty 50 top gainers are Adani Ports and Special Economic Zone, Hindalco Industries Ltd, Tata Steel Ltd, JSW Steel Ltd and Oil & Natural Gas Corporation Ltd. The loser was Mahindra & Mahindra Ltd, Dr. Reddy's Laboratories Ltd, Tech Mahindra Ltd, Larsen & Toubro Ltd and SBI Life Insurance Company Ltd.

Source : Equity Bulls

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