Daily Market Commentary - Sep 8, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a cautious start on Wednesday amid mixed global cues. equity markets continued to show a sluggish trend in the late afternoon session. Energy, TECK, and Auto counters were on the priority list of the sellers. Sentiments remained down-beat after in April 2021, rating agency, Fitch affirmed India's sovereign rating at 'BBB-' with a negative outlook. Fitch Ratings Senior Director, Head of Asia-Pacific Sovereign Ratings, Stephen Schwartz said the negative outlook in India's ratings is on account of rising in debt-to-GDP ratio and uncertainty about the trajectories. The debt-to-GDP ratio stood at 72 percent in 2019 and the agency expects it to rise above 90 percent of GDP over the next five years. Both Sensex and Nifty are trading around 58,315 and 17,368 levels.

On the global front, Asian markets were trading mostly in the red as a tepid lead from Wall Street and worries about the impact of the Delta coronavirus variant on the global recovery tempered investor appetite, though hopes for more stimulus helped Tokyo extend its recent rally. European markets were trading lower, a day ahead of a European Central Bank meeting that will see policymakers debate a cut in its stimulus.

In Nifty 50 top gainers Kotak Mahindra, BPCL, Grasim, Coal India, and Titan. The losers are Divs Labs, Nestle, Wipro, NTPC, and SBI Life.

Source : Equity Bulls

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