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Daily Market Wrap Up - October 9, 2020 - Angel Broking

Posted On: 2020-10-09 09:14:15 (Time Zone: Arizona, USA)


Mr. Aamar Deo Singh - Head Advisory, Angel Broking Ltd

Markets continued their winning run today too, with the benchmark index Nifty 50, ending the week @ 11,914, up 4.36% Week on Week. Advances outnumbered declines marginally, with the Banking, IT & Infra sectors closing in the green, post the RBI Monetary Policy announcement, wherein rates were kept unchanged but talks of an accommodative stance, buoyed market sentiments. Amongst the Top 3 Nifty gainers were Wipro, Icici Bank and Axis Bank, whereas the Top 3 Nifty Losers were Grasim, Zee and Hindalco. This was a very positive week for Nifty, as taking out the earlier key resistance of 11,650, led to short-covering and renewed buying interest. Going Forward, Nifty has crucial support zone around 11600-11650 whereas resistance is seen around 12100 - 12200 zone.

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

Sensex and Nifty continue to be in the positive zone from the start of the week by closing up by 327 points (0.81%) and 80 points (0.67%) respectively for the day. RBI 's positive announcement led to a rally in Banking and NBFC space. On expected lines, RBI maintained status quo on key lending rates and the market took positively, RBI policy stance as accommodative. The central Bank expects 9.5% contraction in GDP in FY21. Nifty Bank had a sharp rally of 2.83% due to liquidity boosting measures by RBI. Major banking stocks such as ICICI Bank, Axis Bank, SBI, HDFC Bank rallied by ~3-4%. Defensive sectors such as Nifty Pharma and Nifty FMCG saw profit booking. Like earlier days of this week, Nifty Midcap 100 and Nifty Smallcap 100 continue to underform Nifty due to buying interest in large cap stock. Positive global cues supported the rally in the market: Dow Futures, Nasdaq Futures and FTSE were up by 0.43%, 0.26% and 0.70% respectively.


Source: Equity Bulls

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