Daily Market Commentary - June 14, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made a negative start amid a muted trend in Asian peers. Markets extend their losses and are trading lower with a cut of over half a percent each in early deals due to selling in Industrials, Power and Realty stocks. Investors are eyeing both the CPI and WPI inflation for May to be released later in the day. In the afternoon session, Indian equity benchmarks erased all the losses to turn positive. Traders were seen piling up positions in Energy, Oil & Gas and Healthcare sectors, while selling was witnessed in Industrials, Power and Utilities sectors' stocks. Both Sensex and Nifty are trading around 52,551 and 15,811 levels.

Most of the Asian equity benchmarks traded higher in early deals on Monday, with fresh buying in technological and energy sector stocks. Although, trading volume is very low with stock markets of China, Hong Kong, and Taiwan closed for a holiday for Dragon Boat Festival, and on caution ahead to US Federal Reserve's policy meeting this week, which might give some cues on global economic recovery.

India's inflation based on wholesale price index (WPI) rose to 12.94% (Provisional) for May 2021 as compared to -3.37% in May 2020, primarily due to low base effect and rise in prices of crude petroleum, mineral oils viz. petrol, diesel, naphtha, furnace oil etc.

In Nifty 50 top gainers Divi's laboratories Ltd, Tata Motors Ltd, Reliance Industries Ltd, Wipro Ltd and Bajaj Finance Ltd. The losers are Adani Ports and Special Economic Zone Ltd, Coal India Ltd, otak Mahindra Bank Ltd, Housing Development Finance Corporation Ltd and NTPC Ltd.

Source : Equity Bulls

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