Daily Market Commentary - April 6, 2021 - Bonanza Portfolio
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Mr Vishal Wagh, Research Head
On Tuesday Indian equity benchmark indices were trading higher tracking mixed global cues. Markets are trading higher with gains of around half a per cent each in early deals on the back of buying in Power, Utilities and Metal stocks. In the afternoon session, Indian equity benchmarks traded flat. Both Sensex and Nifty are trading around 49,150 and 14,667 levels.
Most of the Asian equity benchmarks traded lower in early deals on Tuesday, as the soaring new covid infection numbers and extended lockdown restrictions dulled the market sentiments.
Sensex, Nifty End Higher; Adani Ports Gains Most Since January 2009
Apr 06 2021, 3:39 PM
April 06 2021, 8:08 AM
April 06 2021, 3:39 PM
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A Volatile Trading Day
Indian equities fluctuated for most parts of the trading day, but managed to eke out modest gains as the session came to a close.
The S&P BSE Sensex ended 42 points higher at 49,201 while the NSE Nifty 50 index rose 0.3% to end at 14,683.
Gains on the Nifty were led by Adani Ports & Special Economic Zone Ltd., which ended 14.5% higher - its biggest single-day jump since January 2009. Other gainers on the Nifty were FMCG stocks like Tata Consumer Products Ltd. and Asian Paints Ltd.
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Tata Consumer Products Ltd (TCPL) on Thursday announced exit from its two US-based joint ventures by selling its stake to the JV partner Harris Tea Company LLC. TCPL s step-down subsidiaries in the USA have decided to divest their entire membership interest in Empirical Group LLC and Southern Tea LLC to the JV partner Harris Tea Company LLC, USA (Harris Tea), the company informed in a regulatory filing. The exits from both the JVs are in-line with TCPL s strategy to focus on the core branded business, it added. We hereby inform that the overseas step-down subsidiaries of TCPL in the USA have entered into an arrangement for the sale of its entire membership interest held in Empirical Group LLC (Empirical) and in Southern Tea, LLC (Southern Tea) to its Joint Venture Partner - Harris Tea Company LLC on March 31, 2021, it said
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