Daily Market Commentary - Oct 11, 2021 - Bonanza Portfolio
2021-10-11 23:39:07 (Time Zone: IST)
Mr Vishal Wagh, Research Head
Indian equity benchmarks made a flat-to-negative start on Monday tracking some gains in Asian peers despite weakness on Wall Street on Friday. Key benchmark indices continued to show positive momentum in the late afternoon session, following gains in Auto, Utilities, and Power stocks. Both Sensex and Nifty were trading above their crucial 60300 and 17950 marks, respectively. Traders remain energized after Finance Ministry's Monthly Economic Review said that strategic reforms and the rapid vaccination drive have placed the country on the path to swift recovery by enabling the economy to 'navigate the ravaging waves of the COVID-19 pandemic. Sustained and robust growth in agriculture, a sharp rebound in manufacturing and industry, resumption of services activity, and buoyant revenues suggest that the economy is progressing well. The external sector continues to offer bright prospects to India's growth revival as the country's merchandise exports crossed the $30-billion mark for the sixth consecutive month in the fiscal year 2021-22.
Asian markets were trading mostly in green, after China's service sector recovered in September with renewed and strong increases in both new work and output. The survey results from IHS Markit showed that the Caixin services Purchasing Managers' Index rose to 53.4 in September from 46.7 in August.
In Nifty 50 top gainers Tata Motors, Coal India, Maruti Suzuki, Grasim, and Power grid. The losers are TCS, Tech Mahindra, Infosys, HCL Tech, and Wipro.