Daily Market Commentary - Oct 6, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a slightly positive start on Wednesday following overnight gains on Wall Street amid some weakness in again peers. Indian equity markets turned negative in the late afternoon session and are now trading with the cut of around a quarter a percent on the weak opening of European markets. Sentiments were cautious after the Bombay Chamber of Commerce and Industry's survey found that an overwhelming number of exporters are worried about competitiveness as global trade picks up pace after the ravages of the pandemic. Besides, foreign institutional investors (FIIs) offloaded shares worth Rs 1,915.08 crore. Both Sensex and Nifty are trading around 59,287 and 17,677 levels.

On the global front, Asian markets were trading mostly in red as investors stayed jittery about inflation with oil prices reaching new multi-year highs. IRCTC hit a new 52 week high of Rs 4,512 today ahead of the 1:5 stock split. The company has fixed October 29, 2021, as the record date, to ascertain the name of shareholders entitled for subdivision/split of equity shares of Rs 10 each into five (5) equity shares of the face value of Rs 2 each.

In Nifty 50 top gainers Tata cons., HDFC bank, UPL, ONGC, and Britannia. The losers are Hindalco, SBI life, JSW steel, Indusind bank, and Adani port.

Source : Equity Bulls

Keywords

MarketCommentary BonanzaPorftolio Nifty