Daily Market Commentary - June 25, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a flat-to-positive start on Friday tracking firm global cues. Markets soon tuned volatile but managed to trade above neutral lines. Indies are trading higher with marginal gains in early deals on account of buying in Metal, Auto and Basic Materials stocks, whereas selling in Energy, Oil & Gas and Utilities kept upside in check. In the afternoon session, Indian equity benchmarks continued to trade in green terrain on the back of buying by funds and retail investors amid firm cues from the Asian markets. Both Sensex and Nifty are trading around 52,941 and 15,868 levels.

Asian equity benchmarks traded in the green in early deals on Friday, as the economic recovery optimism spurred after US President Joe Biden accepted a bipartisan Senate deal to spend $579 billion on infrastructure projects.

Attributing the rise in food prices to restrictions imposed by several states during April-May to deal with the second wave of Covid-19, Chief Economic Adviser (CEA) K V Subramanian has said food inflation is likely to moderate on account of the twin impact of opening up of economic activities and good monsoon.

In Nifty 50 top gainers Tata Steel Ltd, Axis Bank Ltd, State Bank of India, ICICI Bank Ltd and Hindalco Industries Ltd. The losers are Reliance Industries Ltd, Titan Company Ltd, Hindustan Unilever Ltd, NTPC Ltd and Asian Paints Ltd.

Source : Equity Bulls

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