Daily Market Commentary - Nov 18, 2020 - Bonanza Portfolio
(Time Zone: Arizona, USA)
Mr Vishal Wagh, Research Head
On Wednesday, Indian equity benchmarks made a cautious start as investors remain concerned about rising cases of coronavirus worldwide amid mixed global cues. Markets are trading a tad lower and hovering near neutral lines, as selling in IT, TECK and Consumer Durables stocks weighted on domestic indices. In the afternoon session, Indian equity benchmarks rebounded in positive territory and currently trading marginally higher with Sensex and Nifty trading above at 44,100 and 12,900 levels.
Most of the Asian equity benchmarks are trading higher on Wednesday, kindled by the optimism that the covid-19 vaccine will soon be out to control the surging coronavirus infections and the economic destruction it caused.
There will be some buzz in sugar stocks as industry body ISMA said sugar production in India, the world's second-largest producer of the sweetener, surged due to better crop output and timely commencement of the crushing operation.
In Nifty 50 top gainers are Mahindra & Mahindra Ltd, Tata Motors Ltd, Larsen & Toubro Ltd, Bajaj Finserv Ltd and IndusInd Bank Ltd. The loser was Bharat Petroleum Corporation Ltd, Hindustan Unilever Ltd, Hero MotoCorp Ltd, ITC Ltd and Dr. Reddy's Laboratories Ltd.
Moving forward, Nifty is in uncharted territory. The extension of the rally till 13040-13134 may continue. On the lower side support is at 12800.