Daily Markets - Oct 7, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark indices ended up for the fifth consecutive session after a flat start on Oct 07. At close Nifty was up 76.50 points or 0.66% at 11,738.90.

Volumes on the NSE were above recent average with Auto, FMCG and IT indices being the main gainers while Media, Realty, Metals, Pharma and Energy indices ended lower.

Reliance Industries ended 2.2% higher with large volumes while Vedanta fell 11.3% with large volumes even as the delisting offer by its promoters closes on Oct 09.

Asian markets finished mostly higher Wednesday as investors shrugged off U.S. President Donald Trump's abrupt cancelation of negotiations on a new coronavirus relief bill and lower commodity prices. Trump later tweeted that he would be willing to pass several independent stimulus measures, including a new round of stimulus checks. European stocks wobbled early on Wednesday.

After the initial gains, Nifty failed to rise materially post 1030 am suggesting sector and stock rotation. A negative advance decline ratio also suggested partial profit taking by traders/investors. The next resistance for the Nifty continues to be at 11782.

Source : Equity Bulls

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