Daily Markets - Aug 24, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian Benchmark indices rose for the second consecutive day on August 24 helped by Private Banks. At close, the Nifty was up 94.90 points or 0.83% at 11466.50.

Volumes on the NSE were in line with recent average with Bank, Auto, FMCG, Metal indices ending higher, while IT and pharma ended in the red. Smallcap index outperformed rising 1.6 percent. The India Volatility Index ended 4.1% lower at 19.12.

Asian stock markets rose Monday after Wall Street hit a new high despite lingering unease about a possible second wave of coronavirus infections but boosted by hopes of early discovery of a vaccine. The Financial Times' report saying that the Trump administration is considering by-passing normal U.S. regulatory standards to fast-track an experimental coronavirus vaccine from the UK for use in America ahead of the presidential election added strength to the vaccine hopes.

US appeared to tone down its anti-China rhetoric, while traders turned their attention to a meeting of central bankers later in the week. Reports said the White House is looking to reassure US firms they can still do business with the company's WeChat messaging app in China, despite a crackdown on the service at home.

European stocks jumped, tracking Asian markets as investors continued to watch developments in the coronavirus pandemic and its vaccines.

Nifty rose for the second consecutive day and closed near the intraday high. It could attempt to breach the high of Aug 24 (i.e.11497) in the coming days even as the broader market continues to do well.

Source : Equity Bulls

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