Daily Market Commentary - Oct 4, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks made an optimistic start on Monday tracking broadly positive cues from Wall Street on Friday. Markets extended their opening gains and are trading in fine-fettle in early deals on account of buying in almost all the sector indices except Metal. Sentiments got a boost as former Niti Aayog vice-chairman Arvind Panagariya said the fundamentals of the Indian economy are sound as the real GDP in Q3 and Q4 of FY21 already crossed the pre-pandemic level. In the afternoon session, Indian equity benchmarks continued their upward trend on account of buying in frontline counters.

Asian markets ended mostly lower on Monday as the China Evergrande group's debt crisis continued to cast doubt over China's economic growth, while Chinese markets were closed for the National Day holiday and South Korea for National Foundation Day.

Terming Insolvency and Bankruptcy Code (IBC) as a 'seminal reform', Chief Economic Adviser (CEA) KV Subramanian has said that it has been instrumental in changing the mindset of promoters of businesses by making them more accountable.

In Nifty 50 top gainers are Divi's Laboratories Ltd, Hindalco Industries Ltd, NTPC Ltd, Bajaj Finserv Ltd, and Tata Motors Ltd. The losers are Cipla Ltd, Grasim Industries Ltd, UPL Ltd, Indian Oil Corporation Ltd, and Eicher Motors Ltd.

Source : Equity Bulls

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