Daily Market Commentary - Nov 30, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks began Tuesday's session on an optimistic note following overnight gains on Wall Street. Markets were trading in fine fettle in the late afternoon session led by gains in Infosys, Tata Consultancy Services, Bajaj Finance, Axis Bank, Bajaj Finserv, and Power Grid. The broader indices, the BSE Midcap index and small-cap index, were also trading in green. Nifty VIX was up by 0.76%. Traders took support after a private report stated that the Centre's gross (post-refunds) direct tax collections rose 68% on the year and 27% over the corresponding period of pre-pandemic year FY20, to Rs 6.93 lakh crore till November 23, 2021, of the current financial year. Direct tax collections before refunds till November 23, 2021, of FY22 rose 48% on year to Rs 8.15 lakh crore; such collections in the period were 18% higher than the corresponding period in FY20. Both Sensex and Nifty are trading around 57,008 and 16,972 levels.

The government has informed that scheduled commercial banks have written off bad loans amounting to Rs 46,382 crore during the first six months of 2021-22 (H1FY22). As per the RBI guidelines and policy approved by bank boards, non-performing loans, including, inter-alia, those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of the write-off.

On the global front, Asian markets were trading mostly in red and European markets were trading lower after the head of Moderna warned current coronavirus vaccines might be less effective at fending off the Omicron variant.

In Nifty 50 top gainers Titan company, power grid corp, Tata cons, Bajaj finserv, and SBI life insurance. The losers are Tata Steel, Kotak Mahindra, JSW steel, Adani ports, and Hindalco.

Source : Equity Bulls

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