Daily Market Commentary - May 19, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks halted a two-day rally and made a negative start following weakness in global peers. But, soon markets wiped out losses and are trading in green with marginal gains in early deals. Buying in Realty, Power and Utilities supporting the indices, whereas selling in Auto, Energy and Metal kept upside in check. In the afternoon session, Indian equity benchmarks trimmed all of their gains and enter into red terrain. Both Sensex and Nifty are trading around 49,955 and 15,039 levels.

Most of the Asian equity benchmarks traded lower in early deals on Wednesday, due to risk aversion amid a continued spike in coronavirus cases, and the extending restriction and lockdowns to contain it spurred worries about global economic health.

The United Nations Conference on Trade and Development (UNCTAD) in its latest 'Global Trade Update' report has said that India, China and South Africa have fared relatively better than other major economies in imports and exports in the first quarter of this year.

In Nifty 50 top gainers Coal India Ltd, Indian Oil Corporation Ltd, UPL Ltd, Sun Pharmaceutical Industries Ltd and Cipla Ltd. The losers are Tata Motors Ltd, JSW Steel Ltd, Mahindra & Mahindra Ltd, Housing Development Finance Corporation Ltd and Bajaj Finserv Ltd.

Source : Equity Bulls

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