Markets Daily - June 2, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities
Indian equity markets rose on the fifth consecutive day and ended near the day's high level. At close, Nifty was up 152.95 points or 1.56% at 9979.10. Nifty closed at its highest level since March 11. Ratings downgrade by Moody's and impending cyclone were shrugged off in the process. Volumes on the NSE were higher than normal. Financials and Media stocks did well while PSU stocks fell.
Shares were mostly higher in Asia on Tuesday, lifted by moves to reopen many regional economies from shutdowns aimed at containing the coronavirus pandemic.
UK shares climbed on Tuesday as hopes of fresh government stimulus to blunt the economic impact of the coronavirus crisis added to optimism about a faster recovery with the easing of a nationwide lockdown.
European stocks made further gains on hopes of a quick economy recovery, despite the prospect of troops being deployed to quell violent unrest on America's streets. German leaders are expected to present a stimulus package on Tuesday worth 75 billion-80 billion euros ($83 billion-$89 billion) to support economic recovery after the coronavirus pandemic, according to a media report.
Technically the Nifty has made a higher top after making a higher bottom on May 18. It could now after a brief consolidation/correction rise towards 10295-10334. On falls 9824-9889 could offer support.