Daily Market Commentary - May 4, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks made a positive start as the country reported a decline in new coronavirus cases for the third day running. But, soon markets lost their ground and slipped into red territory on account of selling in Energy, FMCG and Consumer Durables stocks. In the afternoon session, Indian equity benchmarks erased all the gains to turn negative. Both Sensex and Nifty are trading around 48,248 and 14,492 levels.

Most of the Asian equity benchmarks traded lower early deals on Tuesday, in a choppy session as the market sentiments got dulled with the surge in covid cases mainly in Japan and India and the potential economic restrictions raised concerns over the prospects for a faster economic rebound from the pandemics.

The Centre for Monitoring Indian Economy (CMIE) has stated that the second wave of COVID-19 and the resultant localised lockdowns have impacted over 75 lakh jobs, taking the unemployment rate to a four-month high of 8 per cent.

In Nifty 50 top gainers SBI Life Insurance Company Ltd, Bajaj Finance Ltd, Oil & Natural Gas Corporation Ltd, Bharat Petroleum Corporation Ltd and Adani Ports and Special Economic Zone Ltd. The losers are Tata Consumer Products Ltd, Cipla Ltd, Hindalco Industries Ltd, Reliance Industries Ltd and Divi's laboratories Ltd.

Source : Equity Bulls

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