Daily Markets - Sep 8, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended lower after forming a top around noon. Weakness in the European markets (tech sector) sparked a mild selloff post noon in Indian markets. At close the NSE Nifty 50 ended 37.6 points or 0.33% lower at 11,317.

Volumes on the NSE were marginally below recent average. Midcap and smallcap indices fell more than the Nifty suggesting broader profit taking.

Asian stocks were mixed on Tuesday morning, with markets cautiously continuing a rebound from the previous week's U.S. technology shares selloff.

After opening higher due to Asian markets spillover, European markets pulled back further Tuesday as steep declines in the dominant U.S. tech sector continue to weigh on investor sentiment.

While the ECB is expected to keep policy rates steady at its meeting on Thursday, there will be a fresh set of economic projections and policy strategy to digest.

Nifty remained in the high low band of the last two sessions, however its close is the lowest since Aug 20. A close above 11452 could result in further upmoves.

Source : Equity Bulls

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