Daily Market Commentary - May 3, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made gap-down opening tracking muted cues from global peers. Markets trimmed some of their opening losses in early deals and are trading lower with a cut of around half a percent each. Selling in Energy, Consumer Durables and Bankex stocks dragged the markets down, while buying in Metal, FMCG and Auto kept the downside in check. In the afternoon session, Indian equity benchmarks continued their weak trade. Both Sensex and Nifty are trading around 48,721 and 14,629 levels.

Asian markets were trading lower as some of the major markets are closed for a public holiday and on intensified concerns over a surge in covid infections in Asia and the possibility of lockdowns in several markets.

The Finance Ministry has said GST collections in April 2021 touched a record high of over Rs 1.41 lakh crore, indicating sustained economic recovery.

In Nifty 50 top gainers Adani Ports and Special Economic Zone Ltd, Bharti Airtel Ltd, Tata Steel Ltd, SBI Life Insurance Company Ltd and Hindustan Unilever Ltd. The losers are Titan Company Ltd, Indusind Bank Ltd, Axis Bank Ltd, Kotak Mahindra Bank Ltd and Reliance Industries Ltd.

Source : Equity Bulls

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