Daily Market Wrap Up - Sep 17, 2020 - Angel Broking

Mr. Aamar Deo Singh - Head Advisory, Angel Broking Ltd

"Markets witnessed selling pressure amidst profit-booking and weak global sentiments and the benchmark index Nifty 50 ended the day @ 11516, down 88 points. Declines outnumbered advances 5:4, indicating interesting tussle between the Bulls and the Bears. Amongst the Nifty Top 3 gainers were Dr. Reddy, Zee and HCL Technology whereas Hindalco, Tata Motors and Shree Cement were the Top 3 Nifty Losers. It appears that Nifty is unable to breach and hold above the 11600 mark, which is a crucial resistance. The overall uptrend remains intact, but for any meaningful rally towards 11750-11800 zone, 11600 level needs to be overcome. On the downside, 11200-11300 is key zone of support."

Mr. Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd

"Indian Indices traded in red throughout the day, Sensex and Nifty closed down by 323 points (0.82%) and 89 points (0.76%) respectively predominantly due to correction in banking space. Nifty Midcap 100 and Nifty Smallcap 100 also corrected by 0.34% and 0.50% respectively. Nifty IT (up 0.24%) continued its rally by making a new lifetime high. Happiest Minds IPO made a stellar listing at the exchange by closing up by 123.5%. Dr Reddys Labs (up 4.31%), top gainer of the Nifty made a new lifetime high on the news of launching new eye allergy drop in US. Other top gainers of the Nifty were Zee Entertain (2.43%) and HCL Tech (2.41%). Top losers of the Nifty were Hindalco (4.33%), Tata Motors (2.51%) and Shree Cements (2.45%). Global cues were negative as Dow Futures, Nasdaq Futures and FTSE were down by 0.97%, 1.03% and 0.79% respectively."