Daily Market Commentary - March 8, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Monday Indian equity benchmarks made an optimistic start tracking positive global cues. Markets are trading firmly in early deals on account of buying in all the sector indices led by Oil & Gas, PSU and Energy. In the afternoon session, Indian equity benchmarks were trading in fine fettle with Sensex and Nifty crossing 50,420 and 14,950 levels due to buying in PSU, Oil & Gas and utility stocks.

Asian markets were trading mostly in red, even as encouraging economic data from the world's two largest economies as well as the passing of President Joe Biden's $1.9 trillion spending package by the U.S. Senate.

The Federation of Indian Chambers of Commerce and Industry (FICCI) in its latest survey report stated that its Overall Business Confidence Index has witnessed a decadal high of 74.2 in the current round on account of improvement in present conditions as well as expectations.

In Nifty 50 top gainers are UPL Ltd, Gail (India) Ltd, Larsen & Toubro Ltd, Oil & Natural Gas Corporation Ltd and HCL Technologies Ltd. The loser was Bajaj Finance Ltd, Ultratech Cement Ltd, Shree Cement Ltd, Indusind Bank Ltd and Bharti Airtel Ltd.

Source : Equity Bulls

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