Daily Market Commentary - Oct 7, 2021 - Bonanza Portfolio
2021-10-07 21:44:23 (Time Zone: IST)
Mr Vishal Wagh, Research Head
Indian equity benchmarks once again come back to gaining path with the gap-up start on Thursday. markets continued to trade in fine-fettle in the late afternoon session. The broader indices, the BSE Midcap index and small-cap index were trading above a percent. Titan Company, Mahindra & Mahindra, and Maruti Suzuki were the prime gainers among heavyweights. Traders remain energized after bank credit rose by 6.67 percent to Rs 109.57 lakh crore and deposits by 9.34 percent to Rs 155.95 lakh crore in the fortnight ended September 24, 2021. Besides, Moody's Investors Service has said it will upgrade the country's rating if there is an increase in growth potential and a sustained decline in government debt. The rating agency had raised India's sovereign rating outlook to 'stable', from 'negative', while affirming the 'Baa3' rating - which is the lowest investment grade, just a notch above junk status. Both Sensex and Nifty are trading around 59,657 and 17,784 levels.
Asian markets were trading mostly in green with technology shares rebounding while major property developers jumped after the financial hub's leader unveiled a new housing policy. European markets were trading higher as easing oil and gas prices offered relief to investors worried about runaway inflation, while positive earnings updates in the construction and materials sector added to the upbeat sentiment.
In Nifty 50 top gainers Tata motors, Titan company, M&M, Maruti Suzuki, and Eicher motors. The losers are ONGC, Coal India, Dr. Reddys Lab, HDFC, and Bajaj finance.