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Daily Markets - July 7, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Posted On: 2020-07-07 05:22:13


Indian benchmark indices ended higher on the fifth consecutive day (longest winning streak in a month) after a volatile session on July 7. At close, the Nifty was up 36.00 points or 0.33% at 10799.70. Volumes on NSE were high with financials, IT and media stocks doing well, while metals, realty, pharma stocks underperformed.

Markets were mostly lower in Asia on Tuesday as expanding coronavirus outbreaks dimmed hopes for a global recovery. Government stimulus and hopes for an economic turnaround have so far kept investor sentiment upbeat. The Chinese share market extended its positive run on Tuesday, in line with the mainland government's push for a stronger market, though it ended only marginally positive. Stocks in Europe pulled back on Tuesday, as traders waited for the next wave of information on the economy, the spread of coronavirus and corporate earnings.

German industrial production rebounded a slower-than-forecast 7.5% in May, according to data released Tuesday. The European Commission lowered its eurozone economic forecast by a percentage point, now seeing a contraction of 8.7% this year.

Technically, with the Nifty moving up further, Nifty could rise towards 10887, which corresponds to the 200-day SMA. Weakness could emerge if the support of 10690 is broken.


Source: Equity Bulls

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