Daily Market Commentary - Aug 9, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made an optimistic start on Monday amid mixed global cues. Markets are trading firms in early deals with gains of around half a percent each on account of buying in Auto, Bankex, and Consumer discretionary stocks. Sentiments got a boost as referring to Prime Minister Narendra Modi's target of $400 billion in exports this year. Equity benchmarks were trading flat with a negative bias in the late afternoon session. Both Sensex and Nifty closed at 54,410 and 16260.

On the global front, Asian markets were trading mostly lower amid continued concerns about the rapid spread of the highly contagious coronavirus variants in the region.

RBI's decision to keep key interest rates unchanged and maintain an accommodative monetary policy stance will boost the confidence of businesses and consumers. Besides, after taking the bold decision to scrap all retrospective tax demands and refund money collected.

In Nifty 50 top gainers M&M, Axis Bank, Tech Mahindra, Bajaj fin serve, and Indusind Bank. The losers are Tata cons, Coal India, Hindalco, Adani port, and IOC.

Source : Equity Bulls

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