Daily Market Wrap - July 12, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
(Time Zone: UTC)
Indian benchmark equity indices ended flat after a higher opening on July 12. Nifty opened higher in line with other Asian markets, went sideways for the first few hours and later fell post 1300 Hrs to make an intra day low at 1445 Hrs. A feeble recovery ensued and the Nifty closed minorly in the positive. At close, the Nifty was up 2.80 points or 0.02% at 15692.60.
Volumes on the NSE were below recent averages. Among sectors, Realty and Banks gained the most while Telecom & IT lost the most. BSE midcap and smallcap indices ended in the green.
Asian stock markets rose Monday after Wall Street hit a high on Friday despite jitters about the spread of the coronavirus's delta variant, enthused by policy easing in China that helped calm some of the recent jitters on global growth. European stock markets edged lower Monday, with investors starting an event-packed week on a cautious note as they seek out fresh cues.
European Central Bank President Christine Lagarde said on Sunday that the central bank will update its guidance on monetary stimulus at its next meeting, and indicated that fresh policy might be introduced in 2022 to support the European economy to replace the current "Pandemic Emergency Purchase Program".
Nifty tried to rise post the doji formed on Friday, but could not sustain at higher levels. However the fact that it did not close at the intra day low is encouraging and keeps hopes of bulls alive. 15632-15780 is the band for the Nifty in the near term.