Daily Market Wrap - Sep 2, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty reversed the losses of the previous day and closed at another record high on Sept 02. Nifty opened gap up and kept rising through the day to close almost at the intra day high. At close Nifty was up 157.9 points or 0.92% at 17234.

On a day when volumes on the NSE were more or less in line with recent averages, Auto index was the sole loser, while Realty, Consumer Durables, IT and FMCG were the main gainers. The broader indices also rose largely in line with the Nifty.

Asian markets were mixed Thursday as investors waited for U.S. jobs data that might influence when the Federal Reserve starts to wind down its stimulus and with fresh fears about China's crackdown on tech firms offsetting optimism about the global recovery outlook and easing Covid fears. News emerged that Chinese regulators had summoned ride-hailing giant Didi Chuxing and ten other car platforms to give them a dressing down in the latest move against tech firms it sees as gaining too much power. Officials demanded the firms, which also included the ride-hailing arm of major services app Meituan, cease "disorderly expansion" and "vicious competition" tactics.

European stock markets traded largely unchanged Thursday, with investors displaying caution ahead of Friday's key U.S. payrolls release while European Central Bank members discussed withdrawing monetary stimulus.

Nifty reversed the losses of the previous day and nullified the bearish signal. Advance decline ratio has improved to much above 1:1. FPIs seem to be in a mood to keep buying Indian stocks. The Nifty keeps breaching resistances one after the other in fresh territory. Nifty could now stay in the 17340-17154 band for the next 1-2 sessions.

Source : Equity Bulls

Keywords