Daily Markets - Jan 20, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices rose for a second day in a row on Jan 20 with Nifty making new intra day record highs. At close, the Nifty was up 123.50 points or 0.85% at 14,644.70.

Volumes on the NSE were higher than the previous day. Among sectors, Auto, IT, PSU Banks and Media rose the most while FMCG ended marginally in the negative.

Global shares were mostly higher ahead of Joe Biden's inauguration as U.S. president Wednesday, with positive corporate earnings more than offsetting tighter German restrictions to fight the coronavirus in Europe.

Nifty made a new intra day high reflecting the underlying strength in the indices. Its close was the highest ever. Volumes after rising post Jan 04, have come back to normal. Advance decline ratio has improved to much above 1:1. Institutional buying (esp FPI) has gradually slowed however neither the institutions nor the non-institutional participants seem to be in a hurry to take profits even as the Budget looms ahead.

Source : Equity Bulls

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