Daily Markets - Oct 14, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices made a smart recovery from early losses as Nifty rose post 1330 Hrs in a steep manner. In the process, the Nifty has risen for the 10th consecutive day. At close the Nifty was up 36.50 points or 0.31% at 11971.

Volumes on the NSE were in line with recent average and BFSI stocks were the star performers for the day. Apart from BFSI, Metals, Media and FMCG ended marginally in the positive, while all other sectors ended in the red. However advance decline ratio continued to be in the negative suggesting that the day belonged to the largecaps.

India's wholesale price inflation picked up pace in September hitting a seven-month high at 1.3%, driven mostly by quickening of food prices. Wholesale price food inflation shot up to 8.17% in September from 3.84% a month ago.

The Employees' Provident Fund Organisation (EPFO) will reportedly sell investments worth Rs 9,000 crore in exchange-traded funds (ETF) to cover the shortfall in the surplus to pay interest.

Asian equities slipped on Wednesday as halted COVID-19 vaccine trials and an impasse in U.S. fiscal aid package talks soured risk appetite. European shares steadied on Wednesday after tumbling in the previous session due to a pause in a COVID-19 vaccine trial and on concerns about more lockdowns.

The smart recovery in the frontline indices has raised hopes in the minds of traders. A move above 12022 will lead to a broader rally in the market.

Source : Equity Bulls

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