Daily Markets - Sep 23, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Indian Benchmark indices ended lower for the fifth consecutive session on Sept 23, though it recovered sharply from intra day lows post 2 pm. At close, the Nifty was down 21.80 points or 0.20% at 11,131.90.
Volumes on the NSE were average with Telecom, PSU Banks, Infra, IT, Metals and Pharma indices ending in the negative. Realty index ended in the positive. Tata group shares (due to the SP group offer to sell its stake in Tata Sons to the Tata group) and Telecom shares (due to aggressive postpaid plans offered by R Jio) came under pressure.
Asia's stock markets struggled to emulate Wall Street's rebound on Wednesday and ended mixed as persistent worries about the global economic recovery kept investors cautious.
Business surveys for September across the globe showed Japan manufacturing improving month on month but still below 50 levels, Euro services number coming very weak while manufacturing improved dramatically.
European stocks rose on Wednesday, as investors brushed off a mixed batch of purchasing managers data.
Nifty has taken support from 11024 and rebounded. Other global markets have stabilized. Traders are hopeful of the bounce that started today continuing over the next 1-2 days.