Daily Market Commentary - Sep 1, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a positive start, continuing their previous session's rally, on Wednesday tracking gains in Asian peers. Equity benchmarks extended their losses in the afternoon session as selling appeared in Metal, IT, and TECK stocks with Sensex and Nifty tumbling by 124 and 39 points respectively. Sentiments got hit as India's manufacturing sector activities moderated in August, as business orders and production rose at softer rates due to the pandemic and rising input costs. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 52.3 in August, down from 55.3 in July, indicating a softer rate of growth that was subdued and below its long-run average. Both Sensex and Nifty are trading around 57,411 and 17,094 levels.

On the global front; Asian markets were trading mostly higher following Wall Street which ended August with a gain for the seventh straight month.

Healthcare chain Vijaya Diagnostic Centre has raised a little over Rs 566 crore from anchor investors ahead of its public offering (IPO). The company has decided to allocate a total of 1,06,61,41 equity shares to 29 anchor investors at Rs 531 apiece, aggregating the transaction size to Rs 566.12 crore.

In Nifty 50 top gainers Asian paints, Tata Motors, SBI life, Axis bank and nestle. The losers are M&M, Cipla, Tata Steel, Bajaj Finserv, and HDFC.

Source : Equity Bulls

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