Market Wrap-Up - Nov 23, 2020 - Angel Broking

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

"Indian market continues touching new highs by closing up by 0.5% due to positive global cues. Today's rally was led by IT, Pharma sectors and Nifty heavyweight Reliance Industries. Top gainers of the Nifty were ONGC (6.8%), IndusInd Bank (4.8%) and GAIL (3.5%). Top losers of the Nifty were all from BFSI space due to profit booking: HDFC (3.6%), ICICI Bank (2.5%) and Axis Bank (2.0%). Dow Futures, Nasdaq Futures and FTSE were up by 0.7%, 0.4% and 0.4% respectively. As spike in Covid cases are reported in only a few cities in India mainly due to the Diwali festival, so markets have not reacted negatively to this news. We believe no major lockdown is on the cards, as the overall Covid situation is under control. Going forward, the market will react depending upon Covid situation and the global economic recovery."