Daily Market Commentary - Nov 26, 2020 - Bonanza Portfolio
(Time Zone: Arizona, USA)
Mr Vishal Wagh, Research Head
On Thursday Indian equity benchmarks made a positive start but soon turned volatile ahead of F&O series expiry amid mixed global cues. Markets are trading below neutral lines with a minor cut on account of selling in Oil & Gas, IT, and Energy stocks. In the afternoon session, Indian equity benchmarks trade in high spirit, both Sensex and Nifty were trading above 44,000 and 12,900 levels.
Asian equity benchmarks are trading mostly higher on Thursday, with the continued optimism about the economic recovery and control over viral infections counting on the news about the development of the covid vaccine. However, weak US jobless data and new record highs in covid infections limited gains.
Reserve Bank of India (RBI) Governor Shaktikanta Das has said the country's economy has recovered stronger than expected from the initial impact of the COVID-19 pandemic, but there is a need to be watchful of demand sustainability after the end of festivities.
In Nifty 50 top gainers are JSW Steel Limited, Tata Steel Ltd, Grasim Industries Ltd, Bajaj Finance Ltd and Hindalco Industries Ltd. The loser was Eicher Motors Ltd, Maruti Suzuki India Ltd, Bharat Petroleum Corporation Ltd, Oil & Natural Gas Corporation Ltd and Tech Mahindra Ltd.