Daily Market Commentary - Nov 17, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday, Indian equity benchmarks made an optimistic start tracking gains in global markets amid COVID-19 vaccine hopes. Domestic markets are trading firmly with gains of over half a percent each in early deals on the back of buying in Metal, Telecom and Capital Goods. In the afternoon session stock markets were trading in fine fettle due to buying in metal, capital goods and industrials sectors.

Most of the Asian markets were trading in green following the record closing highs overnight on Wall Street after Moderna said data from a late-stage trial showed its coronavirus vaccine candidate was 94.5 percent effective in preventing infection.

There will be some reaction in mining industry stocks with report that the Centre is planning to come out with the proposed mining reforms in a month or so and the auction of mineral blocks will kick start two to three months after the amendments take place.

In Nifty 50 top gainers are Tata Steel Ltd, HDFC Life Insurance Company Ltd, Tata Motors Ltd, Adani Port and Special Economic Zone Ltd and State Bank of India. The loser was Bharat Petroleum Corporation Ltd, Hero MotoCorp Ltd, NTPC, Oil and Natural Gas Corporation Ltd and Indian Oil Corporation Ltd.

Source : Equity Bulls

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