Daily Market Commentary - May 26, 2021 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made a slightly positive start tracking some gains in Asian peers, but failed to hold the gains and slipped below neutral lines. Markets are trading flat with positive bias in early deals on account of buying in Realty, Healthcare and Consumer discretionary counters. In the afternoon session, Indian equity benchmarks continued to trade in high spirit on account of broad-based buying in blue-chip counters amid positive Asian cues. Robust fourth quarter of 2020-21 earnings and favourable commentaries from companies' managements aided to lift sentiments. Both Sensex and Nifty are trading around 51,003 and 15,296 levels.

Most of the Asian equity benchmarks traded higher in early deals on Wednesday, as the fading fears on inflation with the retreat in US Treasury bond yield notes boosted the risk appetite in the stock market.

Amid the second wave of COVID-19, the Apparel Export Promotion Council (AEPC) has urged the government to declare apparel exports as essential services and exempt the exporting units from lockdowns across India.

In Nifty 50 top gainers Bajaj Finserv Ltd, Bajaj Finance Ltd, Grasim Industries Ltd, Infosys Ltd and Wipro Ltd. The losers are Hindalco industries Ltd, Power Grid Corporation of India Ltd, JSW Steel Ltd, Tata Steel Ltd and NTPC Ltd.

Source : Equity Bulls

Keywords