Daily Market Commentary - June 16, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Wednesday Indian equity benchmarks made a negative start tracking weakness in global peers. But, soon markets managed to recover most of their losses and are trading flat in early deals. Buying in FMCG, Oil & Gas and PSU counters aiding the sentiments, whereas selling in Power, Utilities and Energy stocks kept upside in check. In the afternoon session, Indian equity benchmarks remained under pressure as selling appeared in metal, power and utilities stocks. Both Sensex and Nifty are trading around 52,521 and 15,781 levels.

Asian equity benchmarks traded lower in early deals on Wednesday, in choppy trade as the investors cautiously sidelined ahead to the Federal Reserve's policy meeting this week. Moreover, lingering concerns over global economic health with the continuing rise of covid-19 cases in the region also dulled the sentiments.

Reviewing the policy framework for procurement, distribution and disposal of coarse food grains, Union Minister for Consumer Affairs, Food & Public, Railways and Commerce & Industry, Piyush Goyal has said that the time has come to revise norms to incentivize the farming and distribution of Coarse grains in India.

In Nifty 50 top gainers Tata Consumer Products Ltd, NTPC Ltd, Nestle India Ltd, Oil & Natural Gas Corporation Ltd and Hindustan Unilever Ltd. The losers are Adani Ports and Special Economic Zone Ltd, Hindalco Industries Ltd, JSW Steel Ltd, Tata Steel Ltd and Indusind Bank Ltd.

Source : Equity Bulls

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