Daily Market Commentary - May 12, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks extended their previous session losses with a negative start on Wednesday mirroring weakness in the global markets. Domestic indices are trading lower with the cut of over half a percent each in early deals on account of selling in Bankex, Energy and IT stocks. In the afternoon session, Indian equity benchmarks continued in the red zone. Both Sensex and Nifty are trading around 48900 and 14800 levels.

Most of the Asian equity benchmarks traded lower in early deals on Wednesday, in choppy trade as the market grew cautious ahead of the release of US Consumer Index figures for April and as investors digested yesterday's Federal budget 2021.

Expressing optimism over export growth, Commerce and Industry Minister Piyush Goyal has said that a sharp rise in exports in April is giving hope that the ambitious target of $400 billion merchandise shipments can be achieved this year.

In Nifty 50 top gainers Tata Motors, Titan, Maruti, UPL and Power Grid Corporation of India Ltd. The losers are Tata steel, JSW Steel, Hindalco, Indusind Bank and HUL.

Source : Equity Bulls

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