Daily Markets - Aug 12, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity benchmark indices ended little changed on Aug 12 ahead of the weekly F&O expiry on Thursday. The Nifty ended 0.12% or 14.1 points lower at 11,308. Markets witnessed 6th consecutive day of below 1% move in indices.

Volumes on the NSE were little below recent averages with PSU Banks, Media and Auto indices doing well while Pharma index fell. Broader markets i.e. midcap index ended 0.1% higher and the smallcap index rose 0.5.

India VIX fell for the seventh consecutive day down 2.2% to 20.89.

Shares were mostly lower in Asia on Wednesday after Wall Street pumped the brakes on its recent rally. Investor sentiments were dampened by the deadlock in the U.S. Congress over the latest COVID-19 stimulus measures, with Senate Majority Leader Mitch McConnell stating on Tuesday that talks are at a stalemate.

Europe's stock markets held their own on Wednesday after doubts emerged about fresh U.S. stimulus, even as gold, silver and Turkey's troubled lira swung wildly. Bank shares rallied and bond yields climbed globally. U.K. gross domestic product plunged 20.4% in the second quarter.

Nifty after opening gap down showed a labored rise during the day but failed to close in the positive. It will watch for positive cues from other markets to enable it to register a new recent high above 11374.

Source : Equity Bulls

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