Daily Market Commentary - July 6, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday Indian equity benchmarks made a cautious start but soon gained momentum. Markets are trading higher with marginal gains in early deals, on account of buying in Realty, Basic Materials and Auto stocks. Early cautiousness came in amid fear of inflationary pressures due to higher energy costs after OPEC+ nations called off talks on output levels. In the afternoon session, Indian equity benchmarks trimmed some of their gains, but managed to trade above the neutral line. Both Sensex and Nifty are trading around 52,983 and 15,864 levels.

Most of the Asian equity benchmarks traded higher in early deals on Tuesday, as the optimism on global recovery, and stronger crude oil boosted equity investments. However, market sentiments got dulled with the spread of delta variant of covid19 and the restrictions to contain it.

The Reserve Bank of India (RBI) has said that the first purchase of government securities for an aggregate amount of Rs 20,000 crore under the G-sec Acquisition Programme (G-SAP 2.0) will be conducted on July 8, 2021.

In Nifty 50 top gainers Ultratech Cement Ltd, HDFC Bank Ltd, Bajaj Finance Ltd, Shree Cement Ltd and SBI Life Insurance Company Ltd. The losers are Tata Motors Ltd, Tech Mahindra Ltd, Tata Consultancy Services, Hindustan Unilever Ltd and Coal India Ltd.

Source : Equity Bulls

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