Daily Market Commentary - Sep 7, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a slightly positive start on Tuesday amid mixed Asian cues. Equity benchmarks erased all the losses to turn positive in the noon session, both Sensex and Nifty were trading above 58400 and 17400 marks, respectively. Buying in frontline stocks such as Bharti Airtel, ITC and HDFC were aiding sentiment, while selling in Axis Bank, Infosys and Kotak Mahindra Bank kept the gains in the markets in check. Sentiments got a boost with RBI's data that sales of 1,647 listed private manufacturing companies recorded 'extraordinarily high' growth of 75 percent in the first quarter of FY'22 mainly due to a very low base in the pandemic-hit year-ago period. Both Sensex and Nifty are trading around 58,264 and 17,356 levels.

On the global front, Asian markets were trading mixed on optimism about the global outlook, though rising Delta coronavirus cases and worries about a slowdown in the economic recovery continue to cast a shadow. European markets were trading lower as investors awaited updates on when European and other central banks might wound down their stimulus.

In Nifty 50 top gainers HDFC, Bharti Airtel, Grasim, ITC, and Ultratech. The losers are Sun Pharma, Tech Mahindra, Wipro, BPCL, and Axis bank.

Source : Equity Bulls

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