Daily Market Commentary - Jan 6, 2022 - Bonanza Portfolio

Mr Vishal Wagh, Research Head - Bonanza Portfolio

Nifty below 17,800, Sensex falls 621 pts as bulls took a step back due to weak global cues . Among sectors, except auto and oil & gas, all other sectorial indices ended lower with IT and Realty indices down 1 percent each. The BSE midcap and small-cap indices ended on flat note. Both the indices closed at 17,746 and 59,601 respectively.

The benchmark index extended the losses after a gap-down opening on Thursday. However, we witnessed a slight pullback in the second half of the session ahead of Weekly expiry. Index took support near 17,650 where some buying interest was visible and on the upside, it needs to move above 17,850 again for 18,000 and higher levels. Markets will remain volatile in near future as indicated by rise in VIX index.

Global markets were wounded by heavy selling as Fed meeting minutes pointed to a faster than expected policy rate hike considering elevated US inflation levels. Investors are also watching the fast spread of covid cases and stricter restrictions being imposed as it would keep the market highly volatile in the coming days.

JSW Steel, UltraTech Cement, Tech Mahindra, Shree Cements and Reliance Industries were among the top Nifty losers. Gainers included UPL, IndusInd Bank, Bajaj Auto, Bharti Airtel and Eicher Motors.

Source : Equity Bulls

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