Daily Market Commentary - Sep 17, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

With a positive opening, the Indian equity market has enlarged its previous session's rally and is now trading with gains of over half a percent on Friday. markets continued to trade in positive terrain in the afternoon session due to buying in TECK and IT stocks. Buying in frontline stocks such as Bajaj Finserv, Kotak Mahindra, and Bajaj Finance were aiding sentiment, while selling in Tata Steel, SBI and NTPC kept the gains in the markets in check. Sentiments were positive as controlled Covid cases domestically and strong pick up in vaccination drive has led to a healthy pick-up in economic activities. Adding more support, the Reserve Bank of India (RBI) states that the inflation trajectory is coming down faster than anticipated and the inflation print of 5.3 percent in August has proven the monetary policy committee's (MPC) move to look through May's price shock as the right call. Both Sensex and Nifty are trading around 59,230 and 17,638 levels.

Asian markets were trading mixed as concerns over the impact of a prolonged outbreak of coronavirus across the world, China's latest regulatory tightening on businesses, and the prospect of reduced US Federal Reserve stimulus also weighing on market sentiments.

In Nifty 50 top gainers Kotak Mahindra, Bajaj Finance, Maruti Suzuki, Bajaj finserv, and Eicher Motor. The losers are Tata Steel, Coal India, ONGC, JSW steel, and SBI.

Source : Equity Bulls

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