Market Commentary

Daily Market Commentary - Jan 3, 2022 - Bonanza portfolio

Posted On : 2022-01-03 21:06:31( TIMEZONE : IST )

Daily Market Commentary - Jan 3, 2022 - Bonanza portfolio

Mr Vishal Wagh, Research Head

Sensex, Nifty end higher on 1st trading day 2022 led by banks and financials. All the sectoral indices, barring Pharma, closed in the green, with Banking & Financials, Metal, IT and Auto leading the rally.

The participation of the banking pack has changed the market mood of late while other things remain the same. However, the update on the COVID situation combined with the performance of the global markets would play a critical role ahead. Nifty started with a gap up opening and continued to climb throughout the day with almost negligible selling pressure. The indices closed at 17,625 and 59,183 respectively.

Sentiments were upbeat as Finance Ministry said that Goods and Services Tax (GST) revenues grew 13 per cent to over Rs 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps. On the global front, most of the indices traded in flat to positive terrain. Rupee traded muted in range near 74.30 as it tried to settle.

Bajaj Finserv, Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel, and HDFC Bank are the biggest gainers in the BSE Sensex. However, Dr Reddy's Labs, Tech Mahindra, M&M, Nestle India, Titan and HUL were the only losers in the BSE Sensex.

Source : Equity Bulls


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