Daily Market Commentary - Nov 24, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks made an optimistic start following positive cues from global peers and on hopes of COVID-19 vaccine. Markets are trading firm with gains of around 0.80% on the back of buying in all the sector indices except Energy. In the afternoon session, Indian equity benchmarks continued to trade in high spirit, both Sensex and Nifty were trading above 44,500 and 13,000 levels.

Most of the Asian equity benchmarks are trading higher on Tuesday, catching up with the positive cues from Wall Street overnight. Market sentiments got boosted after British pharmaceutical giant AstraZeneca said its coronavirus vaccine candidate being developed in collaboration with Oxford University had an average efficacy of 70 percent.

The chief economic adviser Krishnamurthy Subramanian has said India is likely to report a current account surplus at the end of the current financial year ending in March 2021, mainly led by a fall in imports.

In Nifty 50 top gainers are Adani Ports and Special Economic Zone Ltd, Axis Bank Ltd, Hindalco Industries Ltd, Eicher Motors Ltd and Mahindra & Mahindra Ltd. The loser was Titan Company Ltd, Shree Cement Ltd, Housing Development Finance Corporation Ltd, Bharat Petroleum Corporation Ltd and Bharti Airtel Ltd.

Moving forward, the Bulls are climbing all the worries and the record high getting noted every day. The level of 12800 is crucial support and resistance will be seen at 13097 levels.

Source : Equity Bulls

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