Daily Markets - Sep 3, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended the trading session of Sept 03 little changed. It was also the weekly options expiry session. At close the NSE Nifty 50 ended 7.5 points or 0.07% lower at 11,527.50.

Volumes on the NSE were lower than recent average but in line with that of the previous day. IT, Pharma, Auto and FMCG indices rose, while Bank and Metal indices fell. The Midcap index ended with gains of 0.9% while the smallcap index gained 0.7%.

Asian stock markets were trading mixed on Thursday trade as investors reacted to regional economic data releases. A private survey showed China's services Purchasing Managing Index (PMI) came in at 54 as compared to July's reading of 54.1, Japan reported an August services Purchasing Managers Index (PMI) of 45, slightly below July's 45.4 and India Services Business Activity Index, compiled by IHS Markit, stood at 41.8 in August compared with 34.2 in July.

European shares jumped to the highest in a month after France introduced new stimulus measures to drive the economy and spur job creation. The promise of ongoing global fiscal and monetary stimulus remained far too powerful to allow worries about second coronavirus waves or deteriorating U.S.-China and EU-Russia relations to rein in the bulls.

Nifty seems to have run out of steam after a three day run. It needs to move above 11585 for the upward correction to continue.

Source : Equity Bulls

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