Daily Market Commentary - Aug 30, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks opened at fresh record highs and are trading in fine fettle in early deals on Monday on firm global cues. Sentiment got a boost as a foreign direct investment (FDI) into the country rose by more than twofold to $17.57 billion during April-June this fiscal on account of measures such as policy reforms and ease of doing business. Benchmarks continued to trade in high spirit in the afternoon session, on account of broad-based buying in blue-chip counters amid positive Asian cues. Most of the sectoral indices were trading firms and Metal was the top gainer on BSE, up by around 3% followed by Power and Basic Materials indices, trading up over 2%. Both Sensex and Nifty are trading around 57,764 and 16,898 levels.

On the global front, Asian markets were trading mostly higher bolstered by Jerome Powell's signal that pandemic-era Federal Reserve policy support will be withdrawn cautiously and gradually. Reserve Bank of India (RBI) has launched the next round of household surveys to capture inflation expectations and consumer confidence, which provide useful inputs for its monetary policy.

In Nifty 50 top gainers Divis Labs, Axis Bank, Tata Steel, Coal India, and ONGC. The losers are Tech Mahindra, Infosys, Nestle, Eicher Motors, and TCS.

Source : Equity Bulls

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