Daily Markets - August 4, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

India's benchmark indices broke their 4 day losing streak on Tuesday added by a strong rebound in Reliance Industries and HDFC Bank. The NSE Nifty 50 gained 203.7 points, ending 1.87% higher at 11,095.3. Reliance Industries saw its biggest single-day gain in nearly four months, ending 7.5% higher.

Volumes on the NSE were marginally above average. All sectoral indices ended in the green except IT. The broader indices (Midcap and Smallcap) rose less.

Shares advanced across Asia on Tuesday after Wall Street closed broadly higher on encouraging economic reports across the globe even as Investors appear to be shrugging off surging coronavirus caseloads in dozens of countries.

European shares fell after opening higher, following a mixed bag of earnings results, while the dollar's rebound stalled as investors waited for progress in talks on government aid in the United States.

The bounce in the Nifty after taking support of the upgap (formed on July 17-20) on Monday was on expected lines. It will be interesting to watch as to whether the upward momentum in the market continues beyond another 200 odd Nifty points.

Source : Equity Bulls

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