Daily Market Commentary - April 1, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks made a gap-up opening, on the first trading day of the fiscal year 2021-22 (FY22), tracking gains in global peers. Markets are trading firm in early deals with gains of around half a percent each on the back of buying in almost all the sector indices led by Metal, IT and TECK. In the afternoon session, Indian equity benchmarks continued to trade in positive terrain due to buying in metal, basic materials and power stocks. Both Sensex and Nifty are trading around 49,987 and 14,858 levels.

Most of the Asian equity benchmarks traded in the green on Thursday, as the market sentiments got boosted with the optimism on stimulus-fuelled global economic recovery after US President Joe Biden announced a multi-trillion-dollar infrastructure investment plan.

The Finance Ministry has notified that the government would infusion Rs 14,500 crore through recapitalization bonds in four public sector banks.

In Nifty 50 top gainers are JSW Steel Ltd, Hindalco Industries Ltd, Tata Steel Ltd, Adani Ports and Special Economic Zone Ltd and Indusind Bank Ltd. The losers are Hindustan Unilever Ltd, Nestle India Ltd, HDFC Bank Ltd, TCS and HDFC Life Insurance Company Ltd.

Source : Equity Bulls

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