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

Posted On: 2020-10-08 05:27:52


Indian equity benchmark indices rose for the 6th consecutive day ending at their highest in nearly 8 months. Nifty opened with a 4th upgap in the past 2 weeks but corrected post 2 pm. At close, the Nifty was up 95.70 points or 0.82% at 11834.60.

Volumes on the NSE were much above the recent volumes. IT, Pharma, Banks and Realty indices rose the most, while the Media index fell the most.

Equity and equity-linked schemes witnessed a net outflow of Rs 734 crore in September compared with an outflow of Rs 4,000 crore in August, according to data released by the Association of Mutual Funds in India. Contributions through systematic investment remained flat at Rs 7,788 crore over the previous month in September.

European stocks rose on Thursday, as optimism returned to financial markets on signs there might be some stimulus after all for the world's largest economy. Asian shares were mostly higher on Thursday on optimism U.S. stimulus may be coming after all, as President Donald Trump appeared to reverse his earlier decision to halt talks on another economic rescue effort.

Markets reacted from the highs after the Nifty made the 4th upgap in the past two weeks. This euphoric rise in the Nifty without backing of any large macro positives suggest continuation of sector rotation. The negative advance decline ratio hints at profit taking across the broader market while the traders seem to be concentrating on stocks / sectors that are announcing news / developments / results.


Source: Equity Bulls

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