Market Commentary

Daily Market Commentary - Sep 30, 2021 - Bonanza Portfolio



Posted On : 2021-09-30 19:31:04( TIMEZONE : IST )

Daily Market Commentary - Sep 30, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a cautious start on Thursday ahead of monthly F&O expiry later in the day amid mixed cues from global markets. markets erased all the gains to turn negative again in the late afternoon session, breaching their crucial 59100 (Sensex) and 17650 (Nifty) levels. Markets are hovering near the lowest points of the day. A level of pressure was seen on frontline stocks, especially Asian Paints, Power Grid, and Bajaj Auto. The market got hit after India's external debt rose modestly by 2.1 percent year-on-year to USD 570 billion as of March-end 2021, notwithstanding the COVID-19 pandemic. The external debt to GDP ratio rose marginally to 21.1 percent from 20.6 percent as of end-March 2020. Traders took note of the report that the government has again extended the existing foreign trade policy (FTP) for another six months till March 31 next year. Both Sensex and Nifty are trading around 59,124 and 17,617 levels.

On the global front, Asian markets were trading mostly higher as Evergrande Group announced that it would sell its stake in Shengjing Bank to repay its 10-billion-yuan ($1.6 billion) debt to a lender based in northeastern China.

In Nifty 50 top gainers Bajaj finance, Bajaj finserv, NTPC, SBI Life, and Tata motors. The losers are Power grid, Asian paints, Axis bank, Hero motocorp, and Eicher motors.

Source : Equity Bulls

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