Daily Market Commentary - Oct 13, 2021 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian equity benchmarks extended their previous session gains and made an optimistic start on Wednesday. benchmark indices extended their gains in the late afternoon session. Both the Sensex and the Nifty gained above 500 and 180 points, respectively. Among heavy-weights Mahindra & Mahindra, Power Grid and Titan Company exhibited a smart performance. Traders took support after Finance Minister Nirmala Sitharaman has said that India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies. She expects the economic growth next year to be in the range of 7.5-8.5 percent, which will be sustained for the next decade. Besides, India's Industrial production grew 11.9 percent in August mainly due to a low-base effect. The Index of Industrial Production (IIP) had contracted by 7.1 percent in August 2020.

On the global front, Asian markets were trading mixed amid China's exports growth accelerated unexpectedly in September despite power shortages and supply bottlenecks weighing on production. European markets were trading mostly in green, as National Statistics showed that the UK economy recovered in August.

In Nifty 50 top gainers Tata Motors, M&M, Tata cons., ITC, and Power grid. The losers are Maruti Suzuki, ONGC, SBI life, Coal India, and HUL.

Source : Equity Bulls

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