Market Wrap - Sep 10, 2020 - Angel Broking

Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd

"Markets witnessed a sharp rebound today, on the back of 7 percent jump in Reliance Industries as it hit record high after news of Reliance offering $20 billion worth of stake to Amazon in Reliance Retail. The benchmark index Nifty 50 rose by 1.5% to end the session @ 11,449 whereas the Bank Nifty posted only marginal gains of 0.89%. Advances outnumbered declines by over 3:1, with the other midcap and smallcap indices also rising by 1%-1.5%, indicative of a broad-based rally today. The Top 3 Nifty50 winners were RIL, BPCL and Asian Paints whereas Bharti Infratel, Hindalco and Tata Steel were the Top 3 losers. Nifty continues to trend higher, with the upside resistance seen around 11650-11700 zone whereas support is seen around 11100-11150 levels."

Mr. Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

"Throughout the day Indian indices traded in green, finally closing at close to day's high. Sensex and Nifty closed up by 646 points (1.69%) and 171 points (1.52%) respectively. Today also Nifty outperformed Nifty Midcap 100 (up by 1.23%). Nifty Smallcap 100 marginally outperformed Nifty by closing up by 1.60%. All the major sectoral indices closed in green except Nifty Metal (down by 1.14%) and Nifty Pharma (down by 0.01%). Rally in Nifty was led by Reliance Industries (up 7.06%), becoming the first company in India to hit a market capitalisation of $200 billion. Reliance Industries rallied due to unlocking value of Reliance Retail as private equity Silver Lake invested in the retail business of the Company at premium valuation. The Supreme Court hearing on the interest waiver case is deferred till September 28. Other top gainers of the Nifty apart from Reliance Industries were BPCL (6.00%) and Asian Paints (3.92%). Top losers of the Nifty were Bharti Infratel (4.99%), Hindalco (3.36%) and Tata Steel (2.25%). Global cues were mixed as Nasdaq Futures was marginally up by 0.10%, whereas FTSE and Dow Futures were down by 0.66%, and 0.11%. respectively."

Source : Equity Bulls

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