Daily Market Commentary - March 31, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made a gap-down opening, tracking weakness in global markets. Domestic indices are trading lower with a cut of around half a per cent in early deals due to selling in Bankex, IT and TECK stocks, though buying in Metal, Utilities and Basic Materials counters capped the downside. In the afternoon session, Indian equity benchmarks continued to show a sluggish trend. Both Sensex and Nifty are trading around 49,470 and 14,686 levels.

Asian markets were trading lower on Wednesday following negative cues overnight from Wall Street on bond yield concerns and sliding oil prices.

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in its latest report has said that India's economic output in 2021 is expected to remain below the 2019 level despite the roll-out of the vaccine to deal with the threat of the coronavirus pandemic.

In Nifty 50 top gainers are UPL Ltd, Tata Motors Ltd, ITC Ltd, Grasim Industries Ltd and Bajaj Finserv Ltd. The losers are HDFC Bank Ltd, Housing Development Finance Corporation Ltd, and Power Grid Corporation of India Ltd, Tech Mahindra Ltd and Kotak Mahindra Bank Ltd.

Source : Equity Bulls

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