Market Commentary

Daily Market Commentary - Dec 3, 2021 - Bonanza Portfolio



Posted On : 2021-12-03 17:06:09( TIMEZONE : IST )

Mr Vishal Wagh, Research Head

Indian bourses continued their lackluster trade in the afternoon session with Sensex and Nifty trading down by 103 and 17 points respectively. Traders were seen in selling positions for Energy, Healthcare, and Telecom stocks, while buying was witnessed in Capital Goods, Basic Materials, and Realty stocks. Traders were worried amid uncertainties over the global economic recovery in the wake of the emergence of Omicron. Foreign Institutional Investors (FIIs) were offloaded shares worth Rs 909.71 crore in the Indian equity market on Thursday also impacted sentiments. However, the downfall remains capped as the Indian economy is showing solid signs of recovery and November data shows a pickup. India's PMI data for November indicated that the Indian service sector continued to strengthen, with a substantial upturn in new orders underpinning output growth. Posting 58.1 in November, down only fractionally from 58.4 in October, the seasonally adjusted India Services Business Activity Index pointed to the second-fastest rise in output since July 2011. Both Sensex and Nifty are trading around 57,701 and 17,182 levels.

European markets have made a positive start despite lingering worries about the spread of the new coronavirus variant. Asian markets were trading mixed as investors shrugged off concerns about China after ride-hailing giant Didi Global announced plans to take its shares off the New York Stock Exchange, IPO market continues to remain hit with 2 public issues available for investing. Tega Industries enters the final day of sale after having been massively oversubscribed. Anand Rathi Wealth IPO was oversubscribed on day one.

In Nifty 50 top gainers UPL, BPCL, IOC, ONGC, and Tata steel. The losers are the power grid, Reliance, Kotak Mahindra, Tech Mahindra, and Asian paints.

Source : Equity Bulls

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