Market Performance - June 15, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian benchmark indices fell on June 15 on the back of weak global cues. The markets fell and recovered part of the losses in line with the movement in European indices and Dow Futures. At close, the Nifty was down 159.20 points or 1.60% at 9813.70.

Volumes on the NSE were moderate with Pharma, IT and Diversified stocks leading the gains while Financials, Capital Goods, Auto, NBFC, Metals, Power & Oil & Gas stocks underperformed.

Global shares sank Monday as a resurgence of coronavirus cases in China and other countries deepened pessimism over prospects for a global economic recovery. Stocks were volatile as investors re-evaluate their expectations for economic growth, which many skeptics have been saying were overly optimistic.

Technically, with the Nifty correcting further and making a lower top, the short term trend remains down. Further downsides are likely once the immediate support of 9726 is broken. Any rallies could find resistance at 9943.

Source : Equity Bulls

Keywords