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Daily Markets - July 8, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Posted On: 2020-07-08 03:43:22


The Indian benchmark indices slipped in the last hour of trade on Jul 08 after 5 days of gains. At close the Nifty shed 93.90 points or 0.87 percent at 10705.80. India Volatility Index snapped a five-day losing streak, ending 4% higher at 26.09. Volumes on the NSE were high with Metals, FMCG and PSU Banks stocks rose while Auto, IT , Realty and Media stocks fell.

Asian markets were in mixed territory Wednesday as investors continued to be on edge over the rising rates of COVID-19 cases around the world. European markets were lower Wednesday morning as surging coronavirus cases in parts of the world continue to cast doubt over the prospect of a global economic recovery. Japanís May trade balance showed a deficit of 556.8 billion yen, down 18.1 percent on year. Exports tumbled 28.9 percent on year to 4.197 trillion yen, while imports sank an annual 27.7 percent to 4.754 trillion yen.

Underscoring the fragility in Europe, industrial production in Germany rebounded by less than economists expected in May, and remains far below levels from before the pandemic. International Monetary Fund (IMF) Chief Economist Gita Gopinath warned on Tuesday that many countries may need to restructure their debt in the aftermath of the pandemic as borrowing surges. More than 40% of people who spent money on movies, event tickets or at bars before the pandemic now plan to spend less on those activities, according to a new survey for CreditCards.com.

Technically, the Nifty has shown first signs of weakness on Jul 08. A move below 10676 will take the Nifty to 10553. On upmoves, 10764 could provide resistance.


Source: Equity Bulls

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