Daily Market Commentary - June 2, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made a pessimistic start tracking mixed cues from global peers. Markets are trading lower with notable losses in early deals due to selling in IT, TECK and Bankex stocks. In the afternoon session, Indian equity benchmarks continued their weak trade on the back of sustained selling activities by market participants. Selling pressure in the IT and TECK stocks influenced the markets. Both Sensex and Nifty are trading around 51,810 and 15,557 levels.

Most of the Asian equity benchmarks traded mixed in early deals on Wednesday, as the participants went wary amid the continued accelerating covid infections and the slowing economic activities with the lockdown restrictions to avoid fresh outbreaks.

Centre for Monitoring Indian Economy (CMIE) chief executive Mahesh Vyas has said that over 10 million Indians have lost their jobs because of the second wave of COVID-19, and around 97 percent of households' incomes have declined since the beginning of the pandemic last year.

In Nifty 50 top gainers UPL Ltd, SBI Life Insurance Company Ltd, Adani Ports and Special Economic Zone Ltd, Indusind Bank Ltd and Tata Motors Ltd. The losers are ITC Ltd, Tech Mahindra Ltd, Axis Bank Ltd, Asian Paints Ltd and Housing Development Finance Corporation Ltd.

Source : Equity Bulls

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