Daily Market Commentary - March 1, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made a gap-down opening, after three straight sessions of gains, tracking a feeble trend in the global markets amid continued sell-off in bond markets. Markets are trading lower with a cut of around one and half a percent each in early deals due to selling in banking, realty and IT stocks. In the afternoon session, Indian equity benchmarks extended their losses and were trading with a cut of over three percent each as selling appeared in Bankex, Oil & Gas and Auto stocks. Both Sensex and Nifty are trading around 49,127 and 14,549 levels.

Asian equity benchmarks traded in red in early deals on Friday, in line with the sharp decline in US stocks overnight amid inflation worries with the surging government bond yields, which could hurt high-growth companies reliant on easy borrowing.

Automotive Component Manufacturers Association of India (ACMA) has said the domestic auto component industry is expected to log in double-digit growth next fiscal, as demand picks up month on month after a prolonged period of downturn.

In Nifty 50 the loser are Oil & Natural Gas Corporation Ltd, Mahindra & Mahindra Ltd, Kotak Mahindra Bank Ltd, JSW Steel Ltd and Bajaj Finserv Ltd.

Source : Equity Bulls

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