Daily Market Commentary - July 9, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made gap-down opening tracking weakness in global peers. Markets are trading lower with a cut of around half a percent each in early deals due to selling in Bankex, Energy and Oil & Gas counters. In the afternoon session, Indian equity benchmarks continued their weak trade. Sentiments also got hit as foreign institutional investors (FIIs) stood as net sellers in the capital market as they offloaded shares worth Rs 554.92 crore on Thursday, as per provisional exchange data. Both Sensex and Nifty are trading around 52,402 and 15,686 levels.

Asian equity benchmarks traded mixed in early deals on Friday, weighed down by the choppy trade amid woes about accelerating viral infections worldwide pressurizing concerns about global economic rebound.

Industry chamber PHDCCI said that the gradual receding of the second wave of the COVID-19 pandemic has created scope for the economy to recover from the daunting impact witnessed in April and May 2021.

In Nifty 50 top gainers Bajaj Finserv Ltd, Tata Steel Ltd, Adani Ports and Special Economic Zone Ltd, Divi's Laboratories Ltd and JSW Steel Ltd. The losers are Bajaj Auto Ltd, Tata Consultancy Services Ltd, HDFC Bank Ltd, Reliance Industries Ltd and Axis Bank Ltd.

Source : Equity Bulls

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