Daily Market Commentary - May 18, 2021 - Bonanza Portfolio
(Time Zone: UTC)
Mr Vishal Wagh, Research Head
On Tuesday Indian equity benchmarks extended their previous session's gains with a gap-up opening. Markets are trading in fine-fettle with gains of over a percent each in early deals as the latest data revealed another dip in daily COVID-19 cases coupled with strong gains in Asian peers. Buying in almost all the sector indices except Telecom supported the domestic indices. In the afternoon session, Indian equity markets maintained their upward momentum following gains in auto, power and utility stocks. Both Sensex and Nifty are trading around 50,197 and 15,109 levels.
Most of the Asian equity benchmarks traded higher in early deals on Tuesday, with the bargain buying by domestic and foreign institutional investors after stocks subdued in the previous session amid most of the regions are restarting lockdowns to contain the continued spike in novel coronavirus infections.
The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) member Ashima Goyal is expecting India's economy to do well once vaccination reaches a critical mass as pent-up demand, global recovery and easy financial conditions will boost activities.
In Nifty 50 top gainers Mahindra & Mahindra Ltd, Bajaj Auto Ltd, Bajaj Finance Ltd, Titan Company Ltd and Eicher Motors Ltd. The losers are Bharti Airtel Ltd, ITC Ltd, UPL Ltd, Coal India Ltd and Dr. Reddy Laboratories Ltd.