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Daily Market Wrap - Sep 9, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-09-09 20:58:38 (Time Zone: IST)


Nifty ended almost flat for the third consecutive session on Sept 09 after a mild intra day selling. Nifty opened lower and remained in a range of 77 points by way of a zigzag move. At close Nifty was up 0.09% or 16 points to 17369.

On a day when the volumes on the NSE were sharply lower due to the three day weekend ahead, Power, Telecom, Capital Goods and Metal indices rose the most, while Realty index was the loss leader. BSE Midcap and Smallcap indices closed about half a percent higher.

Asian stocks fell broadly Thursday on growth worries as the Federal Reserve's Beige Book showed a "downshift" in the U.S. economy last month and the Japanese government said it plans to extend Covid-19 emergency restrictions in Tokyo and other regions. Chinese authorities told gaming firms to resolutely curb incorrect tendencies such as focusing 'only on money' and 'only on traffic'. European stocks retreated for a third day amid concerns that the economic recovery is stalling and as investors await the European Central Bank's update on the timing of a possible reduction in stimulus.

The relative price valuations of Asian equities compared with their global peers are at a near 14-month low. According to Refinitiv data, the MSCI Asia-Pacific index's forward 12-month P/E ratio stood at 14.9 compared with the MSCI World's P/E ratio of 18.46. That near 20% valuation discount is the highest in 14-months.

Nifty closed almost flat on Sept 09 for the third consecutive session, though it closed near its intra day high after opening lower. Advance decline ratio has remained above 1:1 for a few sessions now. On a weekly basis, Nifty closed higher for the third consecutive though by just 0.26%. On a weekly basis, Media, Realty, Metals and Auto indices gained the most while Pharma and Bank lost the most. Largecaps also seem to have run into some sort of resistance this week. Select small and midcaps have bounced up. 17246-17437 is the band for the Nifty, a move beyond which could accelerate the trend in that direction.


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