Daily Market Commentary - Nov 25, 2020 - Bonanza Portfolio
(Time Zone: Arizona, USA)
Mr Vishal Wagh, Research Head
On Wednesday, Indian equity benchmarks made optimistic start tracking gains in Asian peers. Markets are trading in fine-fettle on the back of buying in Bankex, PSU and Energy stocks. Back soon it trimmed its initial gains and remained in red terrain, with both Sensex and Nifty trading below their neutral lines. In the afternoon session, Indian equity benchmarks continue to trade lower with a cut of over one percent each as selling appeared in all sectoral indices except PSU Bank and Media.
Asian equity benchmarks are trading mixed on Wednesday, after the rally on optimistic coronavirus vaccine news and US President-elect Joe Biden's transition to the White House, weighed on certain markets.
Infrastructure stocks will be in the limelight as the Union Cabinet is likely to consider a proposal to infuse Rs 6,000 crore into the National Investment and Infrastructure Fund.
In Nifty 50 top gainers are Oil & Natural Gas Corporation Ltd, GAIL (India) Ltd, Adani Ports and Special Economic Zone Ltd, SBI Life Insurance Company Ltd, and Power Grid Corporation of India Ltd. The loser was Eicher Motors Ltd, Kotak Mahindra Bank Ltd, Axis Bank Ltd, HDFC Bank Ltd and Sun Pharmaceutical Industries Ltd.
Going forward, Nifty will find resistance at 13150 and support at 12750-12630 levels.