Daily Markets - July 13, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity markets failed to latch on to opening gains on Jul 13, as indices erased gains registered early in the day. The NSE Nifty 50 index ended at 10,815, up 0.44%. Volumes on the NSE were on the lower side with defensives and Metal sector doing well while financials and Realty lagged.

Asia-Pacific equities started the week with gains as traders were hopeful that data this week will show a return of Chinese economic growth in the second quarter.

European equities rose as investors eyed the start of the earnings season, which may offer clues to the pace of economic recovery. Traders also looked ahead to an EU meeting on Friday to discuss the bloc's €750 billion coronavirus recovery fund and a heavy docket of global corporate and economic news this week.

World shares were approaching a five-month peak and the dollar slipped on Monday as investors wagered the earnings season would see most companies beat forecasts given expectations had been lowered by coronavirus lockdowns.

Technically, with the Nifty bouncing back strongly from the lows, the bulls are not willing to give up easily. Further upsides are likely once the immediate highs of 10882 are crossed. Weakness could however emerge if the supports of 10756 are broken.

Source : Equity Bulls

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