Daily Market Commentary - Oct 1, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

With a gap-down opening, Indian equity markets extended their previous session's losses. Markets are trading deeply in red in early deals on Friday on weak global cues. Indices were trading lower in afternoon deals as inflation fears persisted and expectations grew that the U.S. Federal Reserve would tighten policy in the coming months. Currently, Sensex and Nifty were trading lower by over 400 and 100 points respectively. Sentiments were impacted as India's external debt stood at $571.3 billion at end of June, recording an increase of $1.6 billion over its level at the end of March 2021. On the sectoral front, Oil & Gas and fertilizer were in buzz as the government has hiked the gas price ceiling by 62 percent that will hurt industries relying on it. Both Sensex and Nifty are trading around 58,765 and 17,532 levels.

On the global front; all Asian markets were trading lower as investors tracked another hefty sell-off on Wall Street, concerned about the prospect of higher borrowing costs, a possible US debt default, and signs that the global recovery is slowing.

In Nifty 50 top gainers Coal India, M&M, IOC, ONGC, and Dr. Reddys Labs. The losers are Bharti airtel, Bajaj finserv, Maruti Suzuki, Asian paints and Bajaj finance.

Source : Equity Bulls

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