Daily Markets - May 10, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices closed higher for the fourth straight session on May 10. Nifty opened gap up and remained largely in a 50 point band through the day. At close, the Nifty was up 119.20 points or 0.80% at 14,942.40.

Volumes on the NSE were a little higher than the recent average. Among sectors, Healthcare, Metals, Capital Goods, Power, Auto, Oil & Gas were the main gainers while IT was the sole loser.

Asian stock markets are mostly higher on Monday, following the positive signs from the US on Friday as rising commodity prices and weaker than expected US job growth in April calmed fears about higher inflation, interest rates and a cutback in stimulus. European indices gave up early gains even as investors weighed the prospect of lower interest rates for longer on the back of subsiding inflationary pressures.

Nifty has made another upgap in succession but ended with a doji for the second consecutive session, indicating partial profit taking towards the close especially as it approached 15,000. Investors are mindful of the market fallout as state after state locks itself down in India to contain the spread of the coronavirus as infections and deaths surge and hence keep taking profits rotationally. 15044-14863 is the band for the Nifty in the near term.

Source : Equity Bulls

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