Daily Market Wrap Up - 6th October, 2020 - Angel Broking

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

"Markets witnessed a spectacular rally in today's trading session with the benchmark index Nifty 50 gaining 1.38%, to end the day @ 11,662. Advances outnumbered declines by almost 2:1 indicating a broad-based upmove. On the sectoral front, all the indices except IT, FMCG Energy & Pharma, ended in the green. Amongst the Top 3 Nifty gainers, were HDFC, Tata Motors and Zee, whereas Britannia, Coal India and Tata Steel were the Top 3 Nifty losers. Overall, Bulls have the upper hand, and Nifty sustaining above the 11650 mark, opens the gates towards the 11,750-11,800 mark. Support for Nifty is seen around the 11350-11400 zone".

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

Sensex and Nifty continued the strong momentum of the week by closing up by 601 points (1.54%) and 159 points (1.38%) respectively. Strong buying interest in banking and financial stocks led to a strong rally in the index. Like yesterday, Nifty Midcap 100 and Nifty Smallcap 100 continue to underform Nifty. Top gainers of the Nifty were HDFC (8.36%), Tata Motors (8.10%) and Adani Ports (3.58%). HDFC gained sharply on the news of September month has seen the highest recoveries since covid-19. Tata Motors rose due to recovery in retail sales of JLR better than street expectation. Top losers of the Nifty were Britannia (1.69%), Coal India (1.35%) and Tata Steel (1.28%). Global cues were negative as Dow Futures, Nasdaq Futures and FTSE were down by 0.08%, 0.45% and 0.30% respectively.

Source : Equity Bulls

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