Daily Market Commentary - May 6, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks extended their previous session's gains with a positive start taking cues from their Asian peers. Markets are trading higher with gains of around one-third of a percent each in early deals on the back of a strong set of corporate numbers coupled with board-based buying in Metal, Auto and Basic Materials counters. In the afternoon session, Indian equity benchmarks continued to trade above the neutral line. Both Sensex and Nifty are trading around 48,925 and 14,713 levels.

Most of the Asian equity benchmarks traded higher in early deals on Thursday, with the increased risk appetite in the market amid bets of economic recovery. Investors also awaited more cues from the U.S. jobs report which will be released this week.

Industry chamber PHDCCI said the imposition of partial lockdowns and curfews in many parts of the country, due to the re-emergence of COVID-19 pandemic, has created incipient signs of economic slowdown in the coming months.

In Nifty 50 top gainers Hindalco Industries Ltd, Wipro Ltd, Hero MotoCorp Ltd, Tata Motors Ltd, Eicher Motors Ltd. The losers are Power Grid Corporation Of India Ltd, UPL Ltd, Oil & Natural Gas Corporation Ltd, Asian Paints Ltd and Bajaj Finserv Ltd.

Source : Equity Bulls

Keywords