Daily Market Commentary - Aug 5, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Thursday, Indian equity benchmarks made a slightly positive start. Soon, markets wiped out gains and turned volatile and are trading flat in early deals on account of selling in Metal, Realty, and PSU stocks. Equity benchmarks erased all the losses to turn positive in the noon session, both Sensex and Nifty were trading above 54,400 and 16,250 marks, respectively. Buying in frontline stocks such as Bharti Airtel, HCL Tech, and Tech Mahindra were aiding sentiment, while selling in SBI, Indusind Bank and ICICI Bank kept the gains in the markets in check. On the global front, Asian markets were trading mostly higher, shrugging off the worries about coronavirus infections and mixed overnight trade on Wall Street.

Vodafone Idea continued to tumble as Kumar Mangalam Birla stepped down as the non-executive director and non-executive chairman of Vodafone Idea (Vi). This move comes at a time when Vi is struggling to keep afloat due to its enormous amounts of debt. Birla offered to give up his stakes in the company upon stepping down as well.

In Nifty 50 top gainers Bharti Airtel, Eicher Motors, HCL Tech, Tech Mahindra, and RIL. The losers are SBI, Indusind Bank, NTPC, Bajaj Finance, and UPL.

Source : Equity Bulls

Keywords