Daily Market Commentary - Nov 23, 2020 - Bonanza Portfolio
(Time Zone: Arizona, USA)
Mr Vishal Wagh, Research Head
On Monday Indian equity benchmarks made a gap-up opening tracking the Asian cues coupled with hopes in vaccine developments. Markets are trading higher with notable gains in early deals on account of buying in Energy, Oil & Gas and Utilities counters. In the afternoon session, Indian equity benchmarks added gains with Sensex and Nifty trading above 44,000 and 12,900 levels.
Most of the Asian equity benchmarks are trading higher on Monday, as the market sentiments got boosted with the optimism that the potential covid vaccine will soon control the spiking covid infections and slumping world economy.
Industry body the Federation of Indian Chambers of Commerce & Industry's (FICCI's) latest quarterly survey has said India's manufacturing sector is poised to witness recovery in the July-September quarter as compared to the previous quarter, even as the hiring outlook for the segment remains bleak, with a rise in the percentage of respondents reporting higher production.
In Nifty 50 top gainers are Oil & Natural Gas Corporation Ltd, IndusInd Bank Ltd, Tech Mahindra Ltd, Dr. Reddy's Laboratories Ltd and GAIL (India) Ltd. The loser was Housing Development Finance Corporation Ltd, ICICI Bank Ltd, SBI Life Insurance Company Ltd, Axis Bank Ltd and State Bank of India.
Moving forward, Nifty may face resistance around 13033 and support as 12730. Banknifty will face resistance around 29800 and support at 28400.