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Daily Markets - August 3, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Posted On: 2020-08-03 08:51:22


Indian benchmark indices fell for the fourth straight day on Aug 03 - the most in over five months, pulled down by heavyweight financials and Reliance Industries. The NSE Nifty 50 fell 181.9 points or 1.64% to end at 10,891.

Volumes were average on the NSE with Bankex, Realty and Media stocks falling the most. The broader indices i.e. midcap index ended little changed while the smallcap index ended with gains of 1%.

July manufacturing PMI data in China came in at 52.8 (best reading since Jan 2011), Euro area PMI came in at 51.8 (first expansion in one and half years) and India's PMI came in at 46 vs 47.2 in June.

European stocks were higher on Monday as positive economic data countered pessimism over a resurgence of Covid-19 cases. The export heavy German indices rose benefitting out of Chinese and Euro area PMI numbers.

Within Asia, shares advanced in Japan and China, where technology stocks rose on expectations of support from Beijing in response to U.S. moves against Chinese-owned software companies. Other Asian markets were either flat or down.

Nifty has fallen to a crucial level of ~10894 and in case we do not see an upturn from this level, we may be staring at further losses.


Source: Equity Bulls

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