Daily Markets - Seo 27, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Indian equity benchmark indices rose for the second straight day on Sept 28 boosted by positive global cues. At close the NSE Nifty 50 index ended up 177.20 points or 1.60% at 11227.50.
Volumes on the NSE were below recent averages with all sectors ending in the positive but large gainers among them included Banks, Auto, Realty and Pharma indices. The Midcap index ended with gains of 3% while the smallcap index ended 3.6% higher.
Asian stocks rose Monday, tracking a healthy lead from the US as bargain-buyers moved in following a recent sell-off and news that profits at China's biggest industrial firms grew for a fourth straight month, indicating the world's number two economy is getting back on track.
European stocks partially recovered from last week's hefty losses on Monday, helped by bargain shopping by foreigners, upbeat industrial profits data from China and as banking stocks bounced off record lows.
Traders have come back on the long side hesitatingly; however lack of active selling helped indices to record sharp gains amidst lower than normal volumes. Nifty could now face resistance in the 11278-11322 band.