Daily Markets - July 28, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Benchmark indices erased Monday's losses and ended near the day's high level. At close the Nifty was up 168.70 points or 1.52% at 11300.50. Volumes on the NSE were above average with Auto, IT, Metals and Realty stocks doing well. Midcap index underperformed.

World shares were mixed on Tuesday after U.S. stocks advanced overnight. U.S. Senate Majority Leader Mitch McConnell unveiled a new $1T coronavirus relief plan, clearing the path for talks with Democrats in a bid to pass the bill as unemployment benefits expire.

Much attention will be focused on a two-day meeting for the Federal Reserve that begins Tuesday as Congress debates another stimulus package.

Markets have broken out of near term trading range and could be headed higher in the short term.