Daily Market Commentary - Aug 24, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Tuesday, Indian equity benchmarks extended their previous session's gaining momentum with optimistic start tracking firm global cues. equity benchmarks extended their upward rally in the late afternoon session, with the Sensex and Nifty gaining above 450 and 130 points, respectively. Markets were hovering near the highest points of the day. Traders took encouragement after SBI research report Ecowrap has shown that country's gross domestic product (GDP) is expected to grow at around 18.5 percent with an upward bias in the first quarter of the current financial year. Higher growth in the second quarter of 2022, or Q1 FY22 is mainly on account of a low base. Both Sensex and Nifty are trading around 55,995 and 16,636 levels.

On the global front, Asian markets were trading mostly in green, cheered by positive U.S. vaccination news and easing worries about an imminent tapering of stimulus by the Federal Reserve. European markets were trading higher after a full US approval of a COVID-19 vaccine boosted Wall Street to record highs, while the latest data showed a stronger-than-expected economic recovery in Germany.

Commerce and Industry Minister Piyush Goyal has said foreign direct investments into the country are on the rise, jumping to $12.1 billion in May this year. He said 'India has received the highest ever foreign direct investment (FDI) inflow in 2020-21.

In Nifty 50 top gainers Adani ports, Bajaj finserv, Hindalco, Bajaj Finance, and Tata steel. The losers are Britannia, HDFC, Infosys, Asian Paints, and nestle.

Source : Equity Bulls

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