Daily Markets - Sep 17, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
The Nifty opened lower on Sept 17, made an attempt to recover but failed. In the process, over the past two days, it made lower tops. Advance decline ratio too turned negative at 572:1022 suggesting that the rally in small and midcaps is over for the time being. Finally the Nifty closed the day 88 points, or 0.76 percent, down at 11,516.10.
Asian and European stocks weakened Thursday, with traders reacting to the US Federal Reserve's decision laying out no additional stimulus and its cautious outlook on the world's top economy.
The BOJ stood pat on its key interest rate and its asset purchases policy. The Bank of Japan upgraded its assessment of Japan's economy on Thursday, saying it has started to pick up after a difficult period caused by the coronavirus pandemic.
Happiest Minds Technologies Ltd. debuted on the bourses at a 115% premium to its issue price, a week after concluding its initial public offering on a remarkable note. The stock of the Ashok Soota-promoted information technology company listed at Rs 356.8 apiece compared with the issue price of Rs 166.
Nifty reacted to the negative global cues. However the negativity may not last long though to rise materially from here it may need fresh positive triggers.