Daily Market Commentary - Aug 18, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made an optimistic start on Wednesday tracking a positive trend in Asian peers. Indian benchmarks erased all the gains to turn negative in the late afternoon session. Both Sensex and Nifty were trading below their crucial 55,700 and 16,600 marks, respectively. Realty, metal, and banking counters were on the priority list of the sellers. Both Sensex and Nifty are closed at 55,629 and 16,547 levels.

On the global front, all Asian markets were trading higher despite Wall Street fell on weak retail sales as investors awaited an update from the Federal Reserve on possible plans to reduce US stimulus. European markets were trading lower, making muted moves following a larger-than-expected drop in consumer price index figures in the UK.

The textile sector remained in focus, as ICRA in its latest report has said that home textile exporters are set to clock a 20-25 percent growth in the current financial year (FY22) with healthy margins.

The Nifty 50 top gainers are Eicher motor, Ultratech Cement, Bajaj Finance, Adani Ports, and Grasim. The losers are Kotak Mahindra, Hindalco, ICICI Bank, Power Grid Corp, and Tata motors.

Source : Equity Bulls

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