Daily Market Commentary - May 20, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday Indian equity benchmarks made a slightly positive start but soon lost ground and slipped below neutral lines amid weakness in global peers. Markets are struggling for direction and are trading flat in early deals. However, the downside remained capped, as traders took note of the report that the Indian government has ramped up the production of Remdesivir, an antiviral drug. In the afternoon session, Indian equity benchmarks continued to trade in the red zone as selling appeared in Metal, Telecom and Oil & Gas stocks. Both Sensex and Nifty are trading around 49,512 and 14,886 levels.

Asian equity benchmarks traded mixed in early deals on Thursday, as the nagging concerns over global economic health with the inflation fears, potential curbs on monetary stimulus and the accelerating covid cases in the region dulled market sentiments.

The minister has stated that the Central Drugs Standard Control Organisation (CDSCO) and the National Pharmaceutical Pricing Authority (NPPA) are coordinating with manufacturers to enhance production and getting data about current stock, current capacities, projected production for May 2021.

In Nifty 50 top gainers Mahindra & Mahindra Ltd, Bharat Petroleum Corporation Ltd, Cipla Ltd, Indusind Bank Ltd and Titan Company Ltd. The losers are Hindalco Industries Ltd, Coal India Ltd, Britannia Industries Ltd and Oil & Natural Gas Corporation Ltd.

Source : Equity Bulls

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