Daily Markets - March 4, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices snapped a three-day winning streak on Mar 04 and ended lower. The Nifty opened lower, tried to recover in the early part of the day but started to fall again post 1300 Hrs. At close, the NSE Nifty 50 declined 1.1% or 164.9 points to end at 15,080.7.

Volumes on the NSE were higher than recent average. Among sectors Media was the only gainer while Metals, Banks, IT and Auto index fell the most.

The broader market was in better shape with a positive advance decline ratio and midcap and smallcap indices closing 0.5-1.2% higher.

Asia-Pacific equities fell on Thursday after negative sentiment on Wall Street and concerns about rising bond yields trickled over into the region. European stocks fell on Thursday after three straight sessions of gains as a jump in U.S. bond yields knocked risk appetite globally.

Nifty seems to have turned down after the sharp rise seen on Mar 03. A fall to below 14959 will confirm this. On upmoves 15176-15202 band will provide resistance.

Source : Equity Bulls

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