Daily Market Commentary - June 1, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks extended their previous session's gains with a positive opening following mostly positive cues from Asian peers. Markets are trading firms in early deals on account of buying Energy, Oil & Gas and Capital Goods which are higher over a percent. Better-than-expected GDP numbers supported the market sentiments. In the afternoon session, Indian equity benchmarks trimmed most of their gains and trade below the neutral lines. Both Sensex and Nifty are trading around 51,939 and 15,578 levels.

Most of the Asian equity benchmarks traded higher in early deals on Tuesday near the monthly high level of optimism over economic recovery ahead of the release of US jobs report this week. Factory activity in China for May posted a sharp hike, however, a steep rise in raw material rates and curtailed supplies weighed on the production of some companies.

The gross domestic product (GDP) in Asia's third-largest economy grew by 1.6 percent in the January-March period, up from 0.5 percent in the previous quarter when India began pulling out of a steep pandemic-induced recession in the earlier six months. GDP had grown by 3 percent in the January-March quarter in the previous year.

In Nifty 50 top gainers Adani Ports and Special Economic Zone Ltd, Oil & Natural Gas Corporation Ltd, Bajaj Finance Ltd, State Bank of India and Bajaj Auto Ltd. The losers are JSW Steel Ltd, Tata Steel Ltd, ICICI Bank Ltd, Grasim Industries Ltd and Ultratech Cement Ltd.

Source : Equity Bulls

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