Daily Market Commentary - May 8, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

- Today, Nifty opened with a bullish gap of more than one and a half percent thanks to bullish global cues. But it failed to hold at that level and finally given up some morning gain in the end.

- RIL gained 3.5% due to 2.3% stake buy in Jio Platforms by US-based private equity firm Vista Equity Partners. Another heavyweight HUL gained 4.5% post completion of HUL-GSK deal, fall has given good opportunity to investors to take entry in this blue-chip stock.

- Market Breadth remained neutral for the day. Sectors like FMCG, Pharma, Energy, Media and IT closed in green. Whereas, Banking and Auto witnessed selling pressure. India VIX corrected by 3.80%, remained below 39. USDINR is trading at 75.59 with a cut of 0.25%

- Market is trading in narrow range of 9100-9370. Consolidation may continue unless any big news hits the market. Going forward, any big move is only possible on a break of either side of the range.

Source : Equity Bulls

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