Daily Markets - Oct 22, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended their four-day winning streak on October 22. After opening the Nifty kept making lower top lower bottom till about 1440 Hrs and later it rose in the final minutes of trade. At close Nifty ended 0.35% lower at 11,896.

Volumes on the NSE were just above the recent average while advance decline ratio was positive. Among sectors Media, Metals, Realty indices rose while Pharma, IT and Bank indices fell.

European stock markets fell on Thursday as fears spread about next month's US presidential election and data showed German consumers had become less willing to spend. Asian stocks opened lower following Wall Street as investors watched Washington for signs of whether political leaders can agree on an economic aid plan in the two weeks before the Nov. 3 presidential election. Some of them bounced from lows.

Nifty once again recovered from the lows but ended in the negative. Recovery from the low suggests that some more upmove is in the offing though the rise may not be smooth.

Source : Equity Bulls

Keywords