Daily Market Commentary - April 23, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made a negative start tracking weakness in global peers. Markets are trading lower with a cut of around half a percent each in early deals amid concerns over continuing rising coronavirus cases in the country. India reported 332,503 fresh coronavirus infections on Friday. In the afternoon session, Indian equity benchmarks turned volatile and entered into red terrain stocks from FMCG, Realty and TECK counters were trading lower, while Power, Utilities and PSU counters were supporting the markets. Both Sensex and Nifty are trading around 47,926 and 14,353 levels.

Asian markets were trading mixed as surging coronavirus infections in India and Thailand sapped risk appetite, while reports of a potential hike in capital gains tax in the United States also dampened sentiment.

With an aim to guard domestic manufacturers against cheap imports, the Commerce Ministry's investigative arm Directorate General of Trade Remedies (DGTR) has recommended imposition of anti-dumping duty on the import of certain copper products, used in electrical industry, from China, Thailand, Korea and three other countries for five years.

In Nifty 50 top gainers Power Grid Corporation of India Ltd, NTPC Ltd, Axis Bank Ltd, Indusind Bank Ltd and Bharat Petroleum Corporation Ltd. The losers are Mahindra & Mahindra Ltd, Britannia Industries Ltd, Dr. Reddy's Laboratories Ltd, Grasim Industries Ltd and Adani Ports and Special Economic Zone Ltd.

Source : Equity Bulls

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