Daily Markets - Sep 29, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark equity indices ended flat on Sept 29 after a volatile session and post two days of strong gains. At close, the Nifty was down 5.10 points or 0.05% at 11,222.40.

Volumes on the NSE were in line with recent averages with Metals, IT and Auto sectors ending in the positive while Banks, FMCG, Infra, Pharma and Energy indices ended in the negative.

Asian markets ended mixed after a mildly higher opening on Tuesday ahead of the first US presidential debate later in the global day, with investors also remaining cautious over the global economy's prospects as coronavirus deaths surpassed the 1-million mark worldwide.

European shares slipped on Tuesday as investors awaited the first U.S. presidential debate, eyed progress of a fiscal stimulus package in Washington and took some profits off the table.

Investors took some profits due to recent gains in the markets, reflected in a negative advance decline ratio. Some sector and stock rotation seems to be happening. Nifty could face resistance from 11306-11322 band in the near future.

Source : Equity Bulls

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