Market internals
“Commodities” is the most important buzzword in equity markets these days. Chartists, analysts, economists, strategists and traders et. al. are predominantly talking about stocks of commodity companies. The strong rally in the stocks of commodity producers is primarily based on the material rise in the global commodities’ prices, especially in past one year. I analysed the market performance since announcement of first lockdown (25 h March 2020). I also looked at the market performance in three other timeframes, viz., (i) Since January 2021, because most of the restrictions announced in March 2021 were lifted, US elections were completed and vaccine launches had already begun. (ii) Since February 2021, because a market exciting budget was presented with strong on infra building and fiscal discipline; and UK exit from EU was complete, and global trade had started to normalize. (iii) Since April 2021, when a second wave of pandemic sta...