Daily Market Commentary - Sep 6, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks trimmed some gains but continued to trade in green in morning deals, led by gains in Energy, Realty, and Consumer Durables stocks. Mirroring healthy global cues, Indian equity benchmarks continued to show a positive trend in the late afternoon session. The broader indices, the BSE Midcap index and small-cap index were also trading in green. Traders took support after a private report stated that the Union government's net (post-refunds) direct tax collections rose 95% on-year to Rs 3.7 lakh crore till September 2 of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds. Both Sensex and Nifty are trading around 58,296 and 17,377 levels.

On the global front, most of the Asian counters are trading in green at this point of time after weak U.S. hiring in August fuelled expectations the Federal Reserve might postpone the withdrawal of economic stimulus that has boosted stock prices.

In Nifty 50 top gainers Wipro, HC Tech, Infosys, Hindalco, and Reliance. The losers are IOC, Indusind Bank, ONGC, Britannia Industries, and Kotak Mahindra.

Source : Equity Bulls

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