Daily Market Commentary - March 5, 2021 - Bonanza Portfolio
(Time Zone: Arizona, USA)
Mr Vishal Wagh, Research Head
On Friday Indian equity benchmarks made a gap-down opening for the second straight session amid feeble global cues as rising US Treasury yields again rattled equity investors. Markets managed to trim most of their losses and are trading lower in early deals due to selling in Bankex, Capital Goods and Metal stocks. In the afternoon session, Indian equity benchmarks continued their lackluster trade amid negative cues from global markets. Both Sensex and Nifty are trading around 50,329 and 14,906 levels.
Most of the Asian equity benchmarks traded lower in early deals on Friday, burdened by the peaking government bond yields, weaker Wall Street and as Federal Reserve Chairman's remarks failed to calm concerns about higher interest rates and inflation.
On a review of current liquidity and financial conditions, the Reserve Bank of India (RBI) has said that it will conduct simultaneous purchase and sale of government securities under Open Market Operations (OMO) on March 10, 2021.
In Nifty 50 top gainers are Gail (India) Ltd, Oil & Natural Gas Corporation Ltd, Maruti Suzuki India Ltd, Hero MotoCorp Ltd and Kotak Mahindra Bank Ltd. The loser are Indusind Bank Ltd, Wipro Ltd, Tata Motors Ltd, UPL Ltd and Hindalco Industries Ltd.