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Daily Markets - June 17, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Posted On: 2020-06-17 23:44:56


Indian benchmark indices ended marginally lower in a rangebound trade on June 17 amidst mildly negative global cues and local India-China tensions. At close, the Nifty was down 32.85 points or 0.33% at 9881.15.

Volumes were lower than normal on NSE and Telecom & IT stocks did well, while Capital Goods, FMCG, and Power stocks underperformed.

Most Asian stock markets declined modestly on Wednesday after regional issues impacted sentiments and Japan's exports sank. Japan's government reported May exports fell 28.3% from a year earlier in their biggest decline since the 2008 global crisis.

European shares rose on Wednesday, as expectations of more U.S. stimulus and hopes that the global economy can bounce back from an awful April offset fears of further lockdowns due to a new outbreak in China. UK Consumer Price Index sank to just 0.5% in May from 0.8% the previous month - falling even further below the Bank of England's official 2% target.

Technically the Nifty's high-low range is becoming narrower. A breakout of 9720-10046 band could lead to acceleration of movement in that direction.


Source: Equity Bulls

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