Daily Market Commentary - Aug 20, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday, Indian equity markets have made a negative start and are trading lower in early deals. Benchmarks trimmed some of their losses in the noon session, but continue to trade below the neutral lines with Sensex and Nifty trading below at 55500 and 16500 respectively. Sentiments were fragile as US Federal Reserve could rein in vast stimulus measures this year, coupled with the rapid spread of the coronavirus Delta variant, signs of faltering Chinese economic growth. Both Sensex and Nifty are trading around 55,258 and 16,420 levels.

On the global front, Asian markets were trading mostly in red, as worries surrounding the spread of the delta variant again took center stage. European markets were trading lower as retail sales data coming out of the UK showed that the road to economic recovery will not be an easy one.

ICRA in its latest report has said that even as there has been an 11% decline in primary fertilizer sales volume during the first four months of FY2021-22, it is likely to improve and expected to be only marginally lower than the previous financial year.

In Nifty 50 top gainers HUL, Britannia, Asian paints, Nestle, and Bajaj Finance. The losers are Tata Steel, JSW Steel, Hindalco, UPL, and Tata motors.

Source : Equity Bulls

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