Daily Market Commentary - Nov 19, 2020 - Bonanza Portfolio
Mr Vishal Wagh, Research Head
On Thursday, Indian equity benchmarks made gap-down opening amid revived coronavirus fears and sell-off in global markets. But, soon markets erased most of their losses and are trading near neutral lines with marginal losses in deals. In the afternoon session, Indian equity benchmarks continued to trade below the neutral line and currently trading lower with Sensex and Nifty tumbling by 545 and 147 points.
Most of the Asian markets are trading in red on Thursday following weak cues from Wall Street's sharp selloff as concerns about rising coronavirus infections and new shutdowns in major US cities washed down earlier investor enthusiasm about COVID-19 vaccine developments.
Former chief economic adviser Arvind Virmani has said that India's Gross domestic product (GDP) is likely to contract 7.5 per cent in the current fiscal (FY21) but will see double-digit growth in 2021-22.
In Nifty 50 top gainers are Power Grid Corporation of India Ltd, ITC Ltd, NTPC Ltd, Titan Company Ltd, and Tata Steel Ltd. The loser was State Bank of India, ICICI Bank Ltd, Axis Bank Ltd, UltraTech Cement Ltd and JSW Steel Ltd.