Daily Market Commentary - June 4, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday Indian equity benchmarks made a cautious start and are managing to trade above their neutral lines as traders remained on the sidelines ahead of the RBI's monetary policy outcome to be announced later in the day. But, soon markets lost their ground and slipped into red territory. In the afternoon session, Indian equity benchmarks continued their weak trade. Both Sensex and Nifty are trading around 52,084 and 15,667 levels.

Most of the Asian equity benchmarks traded lower in early deals on Friday, in line with a weak trend in Wall Street overnight amid anticipations that US Federal Reserve may curtail stimulus measures after the upbeat US economic data.

Chief Economic Advisor KV Subramanian has said the second wave of COVID-19 has affected the momentum of economic recovery. However, he also pointed out that he expects a recovery in the economy from July onwards.

In Nifty 50 top gainers Coal India Ltd, Grasim Industries Ltd, Bajaj Finserv Ltd, Oil & Natural Gas Corporation Ltd and Tata Motors Ltd. The losers are Nestle India Ltd, ICICI Bank Ltd, State Bank of India, HDFC Bank Ltd and Axis Bank Ltd.

Source : Equity Bulls

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