Daily Markets - Nov 3, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended higher for the second straight day on Nov 03. At close the NSE Nifty 50 ended 1.24% or 144.3 points higher at 11,810. The Nifty remained in a 110 point range after opening higher.

Volumes on the NSE were higher than recent average. Banks, Metals, Auto and Pharma indices rose the most while Realty and Energy fell the most. Broader market indices closed almost flat.

Asian stock markets followed Wall Street higher on Tuesday as investors watched for U.S. election results, hoping a win by challenger Joe Biden in the presidential race might lead to more economic stimulus.

European stock markets rose in early trading on Tuesday as investors bet on a clear win for Joe Biden as the United States votes in its most polarised presidential election in living memory. A clear Biden win, where his party retains control of the House and wins the Senate, seems like the most positive outcome for markets.

Nifty rose with a mildly positive advance decline ratio, bringing back confidence of traders in the near term direction. However the outcome of US Presidential elections which will be known earliest by Nov 04 late night IST will also impact the sentiments and near term trend of the markets. On upmoves 11837-11899 could offer resistance while on downmoves 11723-11749 could offer support to the Nifty.

Source : Equity Bulls

Keywords