Daily Market Wrap Up - Oct 15, 2020 - Angel Broking

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

Markets witnessed a sharp sell-off on the back of weak global cues, fears of resurgence of virus impacting economic revival and receding hopes of a US Stimulus before the presidential elections. The benchmark index Nifty 50 ended the day @ 11,680, down 290 points. Amongst the Nifty gainers were Asian Paints, JSW Steel and Hero MotoCorp whereas the Top 3 Nifty losers were Bajaj Finance, Bharti Infratel and Tech Mahindra. Profit booking continues to be seen at higher levels, with Nifty having crucial support around 11550-11600 whereas resistance is seen at 11800-11850.

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

Sensex and Nifty closed in red after rallying for ten consecutive trading sessions. Sensex and Nifty closed down by 2.61% and 2.43% respectively. Due to the rise in Covid cases in Europe and diminishing hope of another stimulus package in the US led to sharp correction in the market. Profit booking in IT stocks and selling pressure in banking stocks was the main reason for correction in the market. Only 4 stocks of Nifty (Asian Paints, JSW Steel, Hero Motocorp, Coal India) managed to close in green in the range of 0-1%. Nifty Midcap 100 and Nifty smallcap 100 also corrected by 1.70% and 1.72% respectively, although they managed to outperform Nifty. Global cues were negative as Dow Futures, Nasdaq Futures and FTSE were trading down by 1.03%, 1.60% and 2.26% respectively.

Source : Equity Bulls

Keywords