Daily Market Commentary - Sep 29, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a gap-down opening on Wednesday tracking sell-off in the global markets. Mirroring other Asian markets, Indian equity benchmarks continue to trade in red terrain in noon deals as investors booked profits at higher levels. Concerns over US default, a sharp fall in US stocks overnight, and worries over the slowing global economy hit the domestic sentiments. Trade sentiment remained cautious with rating agency Crisil's statement that States' indebtedness will remain high this fiscal at 33 percent, which is only a notch below the record high of 34 percent of their gross domestic products in FY21, as tax buoyancy will be offset by higher revenue expenditure and capital outlays. Both Sensex and Nifty are trading around 59,427 and 17,713 levels.

On the global front, Asian markets were trading mixed as worries about economic growth in China combined with fears of a global slowdown.

In Nifty 50 top gainers Coal India, Power grid corp, NTPC, IOC, and Sun pharma. The losers are HDFC, Kotak Mahindra, Ultratech, Asian paints, and Eicher motors.

Source : Equity Bulls

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