Daily Market Commentary - July 16, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made a slightly positive start amid mixed cues from Asian peers. Markets are trading higher with marginal gains in early deals on account of buying in Healthcare, Telecom and Metal stocks. In the afternoon session, Indian equity benchmarks continued their downward momentum and trade below the neutral line. Both Sensex and Nifty are trading around 53,164 and 15,928 levels.

Most of the Asian equity benchmarks traded lower in early deals on Friday, weighed down by the profit booking in technological sector stocks and on concerns surrounding peaking covid infections. Weakness in US Treasury yield notes followed by the dovish stance of US Federal Reserve, and rising tensions between US traders and China also dulled the market sentiments.

The Reserve Bank of India's (RBI) latest article said the tapering of the second wave of the COVID-19 pandemic coupled with aggressive vaccination has brightened the near-term prospects of the Indian economy, though a solid increase in aggregate demand may take some time.

In Nifty 50 top gainers Divi's laboratories Ltd, Bharti Airtel Ltd, Ultratech Cement Ltd, Tata Steel Ltd and Power Grid Corporation Of India Ltd. The losers are HCL Technology Ltd, Eicher Motors Ltd, Adani Ports and Special Economic Zone Ltd, Bajaj Finserv Ltd and Infosys Ltd.

Source : Equity Bulls

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