Daily Market Commentary - March 9, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks made a gap-up opening despite mixed global cues. Markets are trading firm in early deals with notable gains on the back of buying in Basic Materials, Consumer Durables and Bankex. In the afternoon session, Indian equity benchmarks trim some of their initial gains, but managed to keep their head above neutral line. Both Sensex and Nifty are trading around 50,976 and 15,084 levels.

Asian equity benchmarks are trading mixed on Tuesday, with the lackluster cues from Wall Street overnight amid concerns that new covid- relief would heighten inflation while soaring bond yields could hurt high-growth companies reliant on easy borrowing.

Finance Minister Nirmala Sitharaman has said that the fiscal measures taken by the government during 2020-21 have been calibrated to sustain high spending in the economy and assist in its V-shaped recovery, resulting in positive GDP growth of 0.4 percent in the third quarter of FY 2020-21.

In Nifty 50 top gainers are SBI Life Insurance Company Ltd, Kotak Mahindra Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd and Housing Development Finance Corporation Ltd. The loser are Tata Steel Ltd, Bharat Petroleum Corporation Ltd, Gail (India) Ltd, India Oil Corporation Ltd and JSW Steel Ltd.

Source : Equity Bulls

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