Daily Markets - Sep 15, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices opened up and gradually inched up during the day to end the day higher. The Nifty closed at its highest in 8 sessions. At close the Nifty was up 82 points or 0.71% at 11521.8.

Encouraging Chinese retail sales and industrial production data, hopes on vaccine and flurry of corporate deals pushed indices higher. Volumes on the NSE were in line with recent averages. Banks and Pharma indices rose while realty index was down. Smallcap and midcap indices rose more than the Nifty.

The impact of SEBI's circular prescribing higher allocation to smallcap and midcap stocks in Multicap schemes had an effect for the second straight day though to a lesser extent than on the previous day. Selective buying in these stocks continued though their elevated valuations have started to cause concerns among investors. Advance decline ratio was positive at 953:639 though lower than on Monday.

Nifty has closed well and now will face resistance from 11584.

Source : Equity Bulls

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