Daily Market Commentary - November 13, 2020 - Bonanza Portfolio
(Time Zone: Arizona, USA)
Mr. Vishal Wagh, Research Head
On Friday Indian equity benchmarks made a gap-down opening, amid weak global cues. Markets are trading lower with around half a per cent cut, due to selling in Bankex, PSU and Telecom stocks. Weak macro-economic data also dampen sentiments in domestic markets. In the afternoon session Indian equity markets rebounded in positive territory and currently trading marginally higher. Traders took support, as industrial production, measured on the basis of Index of Industrial Production (IIP), grew slightly by 0.2 per cent in September 2020.
Most of the Asian equity benchmarks are trading lower on Friday, as the woes over global economic health accelerated with the surge in the covid-19 infections. Some of the states in the US and Europe are re-imposing restrictions and lockdowns to slow the spread of the novel coronavirus.
There will be some reaction in fertilizer industry stocks after Finance Minister Nirmala Sitharaman announced Rs 65,000 crore fertilizer subsidy for farmers as part of her stimulus package to boost the economy.
In Nifty 50 top gainers are Eicher Motors Ltd, Coal India Ltd, Bajaj Finserv Ltd, Tata Steel Ltd and Divi's Laboratories Ltd. The loser was Tata Motors Ltd, Larsen & Toubro Ltd, Housing Development Finance Corporation Ltd, HDFC Life Insurance Company Ltd and UPL Ltd.