Daily Markets - Oct 28, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices reversed Tuesday's gains to end lower on October 28, dragged lower by selling pressure across the board. Nifty after opening almost flat, soon started to fall and made an intraday low around 1400 Hrs. A feeble recovery followed. At close the NSE Nifty 50 index ended 1.34% lower at 11,729.

Volumes on the NSE were above recent averages. All sectoral indices ended with losses led by Banks, Realty, Media, Metals, Pharma and PSU Bank indices. Broad market indices fell less.

Shares around the world plunged on Wednesday as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries. The uncertainty surrounding the upcoming U.S. election also has market players hesitant to make big moves. European markets touch 4-6 month lows.

Uncertainty around US Presidential elections has succeeded in triggering a correction in global markets already reeling under Covid-19 spread. The level of 11661 remains a crucial support on the downside.

Source : Equity Bulls

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