Daily Market Commentary - Aug 23, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a gap-up opening on Monday tracking firm global cues. Markets extended their gains in the late afternoon session with Sensex and Nifty crossing 55,500 and 16450 levels in the afternoon session due to buying in TECK, IT, and Energy stocks. Gains in frontline blue-chip stocks such as HCL Tech and TCS also helped lift the markets. Sentiments were upbeat as Crisil Ratings revised the credit quality outlook of India Inc for fiscal 2022 to positive from cautiously optimistic earlier, predicated on a sustained recovery in demand after the blip caused by the second wave of Covid-19 afflictions in the first quarter. Both Sensex and Nifty are trading around 55,588 and 16,503 levels.

On the global front, all Asian markets were trading higher as investor sentiment received a big boost from the rally last week on Wall Street, despite worries about the more contagious coronavirus delta variant not only in the region but across the world.

Zomato shares declined as the lock-in period for the company's anchor investors ended, leading to high share sales volume on stock exchanges. Anchor investors are big institutional investors such as mutual funds or sovereign wealth funds that buy a substantial number of shares in an IPO-bound company.

In Nifty 50 top gainers HCL tech, Nestle, TCS, Bajaj finserv and Bajaj Finance. The losers are Grsim, Adani ports, M&M, Eicher Motor, and Bajaj Auto.

Source : Equity Bulls

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