Daily Market Commentary - Feb 1, 2021 - Bonanza Portfolio
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Mr Vishal Wagh, Research Head
Indian equity benchmarks made a positive start on Monday ahead of Union Budget to be presented by Finance Minister Nirmala Sitharaman later in the day. Markets are trading higher with decent gains in early deals. Buying in Bankex, Oil & Gas and Energy counters are supporting the domestic indices. In the afternoon session, Indian equity benchmarks continued to trade positive, bulls has taken charge on Dalal Street, as investors have given big thumbs up to Budget 2021-22. Both Sensex and Nifty are trading around 48,600 and 14,254 levels.
Read more about Bajaj Finserv Ltd up for five straight sessions on Business Standard. Bajaj Finserv Ltd is quoting at Rs 9241.9, up 1.88% on the day as on 12:44 IST on the NSE. The stock is down 3.3% in last one year as compared to a 18.66% gain in NIFTY and a 7.55% gain in the Nifty Financial Services.
Read more about Bajaj Finserv Ltd soars 4.85% on Business Standard. Bajaj Finserv Ltd is quoting at Rs 9371.9, up 4.85% on the day as on 12:49 IST on the NSE. The stock is down 1.84% in last one year as compared to a 21.75% spurt in NIFTY and a 10.95% spurt in the Nifty Financial Services index.
India Stocks Rise as Earnings Growth Prospects Lure Investors
Bloomberg 1/20/2021
(Bloomberg) India stocks rose, buoyed by prospects of earnings growth.
The S&P BSE Sensex climbed 0.8% to 49,792.12 in Mumbai to close just shy of 50,000 points, while the NSE Nifty 50 Index advanced 0.9%. Both measures gained for a second day to settle at record highs.
“Earnings are coming in and they are reasonably good while commentary is supportive,” said Amit Khurana, head of research at Dolat Capital Market Ltd. in Mumbai.
Foreign fund purchases have pushed India’s key equity gauges to successive new records this year, while five out of the six Nifty 50 companies that have reported quarterly results so far have beaten estimates. Still, technical signals suggest the market is overbought, and some strategists suggest earnings estimates are overly optimistic.