Daily Market Commentary - Oct 12, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a slightly negative start on Tuesday tracking weakness in the global peers. markets erased all their losses and entered into the positive zone in the late afternoon session, breaching their crucial 60100 (Sensex) and 17900 (Nifty) levels. Traders were seen piling up positions in Consumer Durables, Consumer discretionary, and Auto sectors while selling was witnessed in IT, TECK, and Telecom sectors' stocks. Traders took support after the Ministry of Finance has released the 7th monthly installment of the Post Devolution Revenue Deficit (PDRD) Grant of Rs 9,871.00 crore to the States. With the release of this installment, a total amount of Rs. 69,097.00 crore has been released to eligible States as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year. Traders ignored India's unemployment rate shot up to 8.86% for the week ended October 10 compared with 7.56% a week earlier.

Asian markets were trading mostly lower as the global energy crunch fuelled inflation fears, clouding investor sentiment before the U.S. corporate earnings season. Ministry of New and Renewable Energy (MNRE) has said that India is set to achieve 450 GW of renewable energy installed capacity by 2030.

In Nifty 50 top gainers Titan company, Bajaj Auto, Bajaj finserv, SBI, and Hindalco. The losers are HCL, HDFC Life, Tech Mahindra, Coal India, and Ultratech.

Source : Equity Bulls

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