Daily Market Commentary - July 8, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks made a cautious start, amid weakness in Asian peers. Markets are hovering near neutral lines and trading flat in early deals. Rising coronavirus cases weighted down on market sentiments. India recorded a spike of 45,196 new infections, taking the total caseload to 30,708,092, according to Worldometer. In the afternoon session, Indian equity benchmarks extended their losses. Both Sensex and Nifty are trading around 52,544 and 15,715 levels.

Most of the Asian equity benchmarks traded lower in early deals on Thursday, as the market remained cautious with the continued spike in the covid cases over the globe and as more regions might impose stricter restrictions if the viral spread does not subside spurred concerns about the pace of global economic recovery.

Commerce and Industry Minister Piyush Goyal has called for a services trade agreement among friendly nations of the Indo-Pacific region as it can help liberalize domestic regulations and build capacity in sectors like e-commerce and IT.

In Nifty 50 top gainers Tech Mahindra Ltd, Bajaj Auto Ltd, Eicher Motors Ltd, Shree Cement Ltd and Titan Company Ltd. The losers are Tata Motors Ltd, JSW Steel Ltd, Hindalco Industries Ltd, Tata Steel Ltd and Sun Pharmaceutical Industries Ltd.

Source : Equity Bulls

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