Daily Market Commentary - Sep 28, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made a cautious start on Tuesday amid mixed global cues. Indian bourses extended their losses and were trading with cuts of over half a percent each in the noon session amid concerns about the fate of China Evergrande. Most of the sectoral indices were trading lower and Realty was the top loser on BSE, down by around 4% followed by TECK and IT indices, trading down over 2%. Sentiments were fragile as the finance ministry said the government will borrow Rs 5.03 trillion in the second half of the current fiscal to fund the revenue gap for reviving the pandemic-hit economy. Both Sensex and Nifty are trading around 59,675 and 17,746 levels.

Asian markets were trading mostly lower as investors worried over China Evergrande Group's debt crisis and a widening power shortage in China. On the sectoral front, textile stocks were in focus as according to a notification of the textiles ministry only manufacturing companies registered in India will be eligible to participate under the recently approved Rs 10,683-crore production-linked incentive (PLI) scheme for the textiles sector.

In Nifty 50 top gainers Coal India, Power grid corp, NTPC, IOC, and BPCL. The losers are Bharti Airtel, Tech Mahindra, Bajaj finance, Divis lab, and Bajaj finserv.

Source : Equity Bulls

Keywords