Daily Market Commentary - April 7, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks added gains in morning deals as the Reserve Bank of India (RBI) left interest rates unchanged at 4 percent and maintained an accommodative policy stance to nurture a fragile economic recovery after the three-day meeting of its monetary policy committee (MPC). In the afternoon session, Indian equity benchmarks continued to trade in fine contour on significant buying by funds and retail investors. Both Sensex and Nifty are trading around 49,699 and 14,830 levels.

Most of the Asian equity benchmarks traded higher in early deals on Wednesday, as the market sentiments bolstered after IMF's report forecasted the strongest global expansion in four decades for this year.

The Reserve Bank of India (RBI) has kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4.0 percent. Consequently, the reverse repo rate under the LAF remains unchanged at 3.35 percent and the marginal standing facility (MSF) rate and the Bank Rate at 4.25 percent.

In Nifty 50 top gainers are JSW Steel Ltd, State Bank of India, SBI Life Insurance Company Ltd, Britannia Industries Ltd and Wipro Ltd. The losers are Adani Ports and Special Economic Zone Ltd, UPL Ltd, Titan Company Ltd, Tata Consumer Products Ltd and NTPC Ltd.

Source : Equity Bulls

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