Daily Market Commentary - Oct 27, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian markets made a slightly positive start in the morning despite the selloff in global equities amid rising COVID-19 cases. Indices continued to trade higher in the afternoon session, on account of broad-based buying in blue-chip counters.

The S&P BSE Sensex index rose 377 points or 0.94% at 40522 and the Nifty50 benchmark climbed 122 points at 11,889. Today's rally seen in banking, financial services, FMCG and pharma shares supported the markets, however, losses in IT, PSU banks and Realty stocks limited the upside.

On the global front, Asian markets were trading mostly lower as a surge in coronavirus infections worldwide as well as fading hopes for US fiscal stimulus before next week's presidential elections.

Foreign ownership limits: MSCI India to see a massive inflow of $2.5 bn.

India VIX declined by 2.8% at 22.19. Market breadth remained neutral.

In Nifty 50, the first five gainers are Kotak Mahindra Bank, Nestle, Shree cement, Asian paint and Bajaj Finance. Whereas major losers were Infosys, Wipro, TCS, ONGC, GAIL and HDFC.

Source : Equity Bulls

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