Markets so far today - March 3, 2020 - Deepak Jasani - Head Retail Research, HDFC Securities

Markets ended higher on Tuesday after seven consecutive sessions of losses, their longest losing streak since May 13, 2019. The Nifty gained 170.55 points or 1.53% to close at 11,303.3.

Indian markets rose even as the hopes of coordinated rate cut got a boost from the action of Reserve Bank of Australia of 25 bps rate cut to 0.50% and Bank Negara Malaysia's cut in its overnight policy rate by 25 basis points to 2.5% (lowest in 10 years). Hopes also rose from concall within the Group of Seven industrial powers is expected to issue a statement on Tuesday or Wednesday on countering the impact of the coronavirus outbreak.

Broad market indices like the BSE Mid Cap index gained more, thereby outperforming the Sensex/Nifty. Market breadth was positive on the BSE/NSE. Sectorally, the top gainers were the BSE Metals, Power, Healthcare and Oil and Gas indices. There were no sectoral losers.

Technically, while the Nifty has bounced back sharply, the short term trend remains down. The Nifty will have to convincingly cross the recent highs of 11415 to reverse the downtrend.

Source : Equity Bulls

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