Daily Market Commentary - May 24, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made a positive start amid gains in Asian peers coupled with a drop in Covid-19 cases in the country. Markets are trading higher with marginal gains in early deals with board based buying in Power, Utilities and Capital Goods stocks. India reported Covid-19 cases below the 250,000-mark for the second consecutive. In the afternoon session, Indian equity benchmarks continued to trade in positive terrain amid buying in blue-chip stocks from across various sectors. Both Sensex and Nifty are trading around 50,806 and 15,241 levels.

Most of the Asian equity benchmarks traded higher in early deals on Monday, due to some technical buying after the equities fell on the inflation outlook, high volatility in digital currencies, lingering spike in viral infections and the widespread lockdowns in the region.

Industry chamber the Confederation of Indian Industry (CII) has asked the Reserve Bank of India (RBI) to review its circular on the appointment of auditors for banks and NBFCs and said it was inconsistent with the provisions of the Companies Act and would create hardship for businesses in times COVID.

In Nifty 50 top gainers Indian Oil Corporation Ltd, State Bank of India, Larsen & Toubro Ltd, Bharat Petroleum Corporation Ltd and Axis Bank Ltd. The losers are Shree Cement Ltd, JSW Steel Ltd, Tata Steel Ltd, Britannia Industries Ltd and Tata Consumer Products Ltd.

Source : Equity Bulls

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