Daily Market Commentary - Oct 5, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a gap-down opening on Tuesday after posting decent gains in the previous session due to a sell-off in the global markets. markets erased all the losses to trade with traction in the late afternoon session, Both Sensex and Nifty were trading above their crucial 59500 and 17,750 marks, respectively. The broader indices, BSE Midcap index and small-cap index are also trading in green. Oil & Gas, Telecom and Power counters were on the priority list of the buyers. Sentiments remained upbeat, as services sector activity in India continued to remain strong in September despite a small fall from August. Strong domestic demand, along with international orders helped the sector as Covid-19 restrictions eased. Indian companies continued to benefit from a recovery in demand as the pandemic receded further and restrictions were lifted. Both Sensex and Nifty are trading around 59,767 and 17,820 levels.

Asian markets were trading mostly in red as markets fretted about the impact of multi-year high oil prices at a time when supply chain disruptions are already putting pressure on economic activity. European markets were trading higher, as surging bank stocks and a positive earnings update from German chipmaker, Infineon calmed nerves following a tech-fuelled selloff on Wall Street.

In Nifty 50 top gainers Coal India, Indusind Bank, IOC, ONGC, and Bharti airtel. The losers are Cipla, Hindalco, Shree cement, sun pharma, and Tata cons.

Source : Equity Bulls

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