Daily Market Commentary - Aug 31, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a positive start on Tuesday amid mixed global cues. But, soon markets tuned volatile and are trading flat in early deals due to selling in Auto, Energy, and PSU stocks. Markets maintained their upward momentum in the afternoon session, with Sensex and Nifty crossing 57,000 and 16,950 levels respectively due to buying in Telecom, Utilities, and Power stocks. Gains in frontline blue-chip stocks such as Bharti Airtel, Bajaj Finserv and Bajaj Finance also helped lift the markets. Sentiments got a boost with a private report that India's economy is expected to have grown in double digits during the April-June quarter of this financial year, helped by a low base of the previous year. Both Sensex and Nifty are trading around 57,540 and 17,124 levels.

On the global front, Asian markets were trading mostly in green buoyed by another record Wall Street close that's been guided by supportive Fed policy and rebounding corporate earnings. European markets were trading mostly in green on course for their seventh straight month of gains, as hopes for more policy support overshadowed economic risks from a surge in COVID-19 cases caused by the Delta variant globally.

In Nifty 50 top gainers Bajaj finance, Bharti Airtel, Eicher Motors, Hindalco, and Shree cement. The losers are Tata motors, Indusind bank, Reliance, BPCL, and Nestle.

Source : Equity Bulls

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