Daily Market Commentary - May 11, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks made gap-down opening tracking sell-off in the global peers. Markets are trading lower in early deals amid concerns that the second wave of the coronavirus pandemic could bring down India's GDP growth. Downside remained capped as India continues to witness a decline in the number of daily Covid-19 cases. In the afternoon session, Indian equity benchmarks continued their lackluster trade as Asian peers retreated on worries that accelerating U.S. inflation could lead to interest rate hikes sooner than expected. Both Sensex and Nifty are trading around 49,151 and 14,846 levels.

Asian equity benchmarks traded in red in early deals on Tuesday, with the hefty sell-off in Wall street overnight amid worries over inflation followed by a sharp rise in commodities prices.

Raising concerns over loss of jobs in the sector, the Federation of Associations in Indian Tourism and Hospitality (FAITH) has urged the Union finance ministry, RBI and the tourism ministry to urgently take up measures targeted at creating jobs in the sector.

In Nifty 50 top gainers Coal India Ltd, Indian Oil Corporation Ltd, NTPC Ltd, Oil & Natural Gas Corporation Ltd and Power Grid Corporation of India Ltd. The losers are Hindalco Industries Ltd, Kotak Mahindra Bank Ltd, JSW Steel Ltd, Housing Development Finance Corporation Ltd and Wipro Ltd.

Source : Equity Bulls

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