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Daily Markets - August 5, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Posted On: 2020-08-05 09:29:50


Indian benchmark indices gave up early session gains and ended flat on Wednesday. The NSE Nifty 50 index ended 0.1% higher at 11,101.

Volumes on the NSE were on the higher side with Metals and Auto stocks outperforming and Pharma and PSU Banks underperforming. Among metal stocks, Hindalco and Tata Steel which rose 8.2% and 6.3% respectively.

Broader markets outperformed with the midcap index gaining 0.6% while the smallcap index gained 1.2%.

European stocks made gains early on Wednesday aided by a batch of positive earnings, despite a concoction of risks sending gold above $2,000 an ounce for the first time in history. Investors focused on U.S.-China trade discussions and American lawmakers making progress on an economic aid package. Stocks in Asia took a breather on Wednesday, despite a strong performance on Wall Street overnight.

A gauge of India's services sector indicated some improvement in activity as the nation eased certain restrictions imposed to contain the coronavirus pandemic. The India Services Business Activity Index, compiled by IHS Markit, stood at 34.2 in July compared with 33.7 in June, according to a media statement. Consequently, the Composite PMI, measuring services and manufacturing activity together, fell to 37.2 in July from 37.8 in June.

The Nifty has again shown hesitation in showing follow through gains although stock specific moves abound based on micro developments and corporate results.


Source: Equity Bulls

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