Market Wrap-Up - Sep 14, 2020 - Angel Broking

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

"Markets witnessed profit booking after a sharp rally during the initial hours of trade of the day, with Nifty closing @ 11440, down 24 points, giving up the gains of the day. However, advances outnumbered declines by 3:1 which gave some solace to the bulls. IT Stocks were the torch bearers today, with all Top 3 Nifty gainers being IT Stocks, HCL Tech, TCS and Wipro. Amongst the Nifty Top 3 Losers were Bharti Airtel, Bajaj Finance and BPCL. Nifty continues to run into a stiff wall of resistance around the 11600 mark whereas support is seen around 11200."

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

"Indian Indices opened in green but closed in red. Sensex and Nifty closed down by 98 points (0.25%) and 25 points (0.21%) respectively. Today was the day for midcap and smallcap stock as SEBI new rules of minimum 25% holding in each largecap, midcap and smallcap stock for multicap funds will result in the fund buying more midcap and smallcap stocks as currently they have large cap bias. Nifty Midcap 100 (up 2.63%) and Nifty Smallcap 100 (up 5.44%) outperformed Nifty. Within midcap and smallcap space quality stocks have performed better.

Nifty IT, the best sector performing index of the day up by 4.68% touched a new all time high. Top 4 gainers of the Nifty were all IT stocks as HCL Tech provided a mid-quarter update by saying that it has seen strong execution during the quarter to date. HCL Tech (10.16%), TCS (4.94%), Wipro (4.74%) and Infosys (3.46%) were the top gainers of the Nifty. Top losers of the Nifty were Bharti Airtel (3.57%), Bajaj Finance (2.93%), BPCL (2.7%) and Power Grid Corp (2.08%). Global cues were supportive as Nasdaq Futures and Dow Futures were up by 1.47% and 0.81% respectively, whereas FTSE was down by 0.21%."

Source : Equity Bulls

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