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Daily Markets - Jan 7, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-01-07 06:48:23 (Time Zone: Arizona, USA)


Indian equity benchmark indices closed with mild losses on January 7 for the second consecutive session. Nifty opened gap up in line with other Asian markets but gradually eroded through the day to end marginally in the negative. In the process it was one of the worst performing indices in the Asian region. At close, Nifty closed 9 points, or 0.1 percent, down at 14,137.35.

Volumes on the NSE were higher than recent average. Among sectors, Metals, Realty and PSU Bank gained the most, while FMCG, IT and Pharma fell the most. Broad market indices like smallcap and midcap indices gained and outperformed the Nifty.

Asian stock markets mostly rose, as investors anticipated higher government spending under a Democratic-controlled Senate and largely looked past political violence in Washington, D.C. Even the European stock markets edged largely higher Thursday.

Investors were looking beyond the unrest in Washington, as well as other issues such as the potential tax implications of Democratic control. Investors were instead focusing on the prospects for a faster rollout of coronavirus vaccines, a more rapid recovery in the economy and increased outlays on economic-relief measures such as stimulus checks and infrastructure spending.

German factory orders surprised to the upside, climbing 2.3% on the month in November when a drop of 1.2% had been expected.

Nifty ran into selling pressure at higher levels and ended in the negative. Markets may be witnessing some distribution at higher levels as is evident from large volumes in the past two days. However as long as the 13985 level on the Nifty is not breached, this remains a buy-on-dips market.


Source: Equity Bulls

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