Daily Market Commentary - Sep 2, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a slightly positive start on Thursday despite mixed global cues and ahead of the expiry of weekly F&O contracts. Markets are trading higher with marginal gains in early deals on the back of buying in Consumer Durables, Basic Materials, and FMCG counters. Equity benchmarks continued their upward rally in the late afternoon sessions, breaching their crucial above 57,800 (Sensex) and 17,200 (Nifty) levels. Among heavy-weights Hindustan Unilever, Dr. Reddy's Lab and Ultratech Cement exhibited a smart performance. Both Sensex and Nifty are trading around 57,845 and 17,233 levels.

Asian markets were trading mixed after soft U.S. jobs surveys fuelled optimism the Federal Reserve might feel less pressure to wind down stimulus. European markets were trading higher amid positive earnings reports and dealing-making, while traders focused on new additions to the region's benchmarks and awaited U.S. jobless data. HDFC Life jumped and hits a record high ahead of the board meet for fundraising and S Chand and Company touches the roof on launching the web, mobile app 'SmartK'.

In Nifty 50 top gainers Shree cement, HDFC Life, TCS, CIPLA, and HUL. The losers are M&M, Coal India, ONGC, Bajaj Auto, and Divis Lab.

Source : Equity Bulls

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