Daily Markets - Oct 23, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices recovered almost the entire loss of the previous session on Oct 23 after a rangebound activity. At close, the Nifty was up 33.90 points or 0.28% at 11930.40. For the week the Nifty closed 1.4% higher.

Volumes on the NSE were just under the recent averages with Auto index being the main gainer. On the other hand Pharma and Realty indices were the loss leaders. Broader market indices rose more than the Nifty.

Asian markets mostly rose mildly on Friday as US lawmakers struggled to hammer out a fresh economic rescue package and investors seemed largely unmoved by the last presidential debate before next month's election. Chinese markets however ended down. European markets rose in early trade on Friday as investors monitored signs of progress toward a U.S. stimulus deal and the continuing resurgence of the coronavirus.

Nifty after opening gap-up remained in a narrow 66 point range for the day and closed towards the lower end of this range. Advance decline ratio was positive. Weekly close is positive after one week of loss. Optimism is returning though gradually to markets. Traders prefer to keep a limit on their exposure by switching sectors and stocks. This is evident from the volumes in the markets and the limited gains across the better part of the listed universe.

Source : Equity Bulls

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