Daily Market Wrap-up - 16th September, 2020 - Angel Broking

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

"Markets witnessed a sharp upmove in today's trading session, on the back of hopes of early vaccine for India and positive global cues. Nifty 50, the benchmark index, ended the day at 11604, up 82 points. Advances outnumbered declines by 3:2, with Nifty scaling and closing above the 11600 psychological mark. Autos, Pharma Financials and IT provided boost to the rally. Amongst the Top 3 Nifty gainers were Mahindra & Mahindra, Dr Reddy and Hindalco whereas Indusind, NTPC and Bharti Infratel were the Top 3 Nifty Losers. Overall, the uptrend remains intact and Nifty sustaining above the 11600 mark, opens the way towards 11750-11800 mark. Downside support is seen around 11350-11400 zone."

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

"Indian Indices closed in green for the second consecutive day, Sensex and Nifty closed up by 258 points (0.66%) and 83 points (0.72%) respectively. Nifty outperformed Nifty Midcap 100 (up 0.34%) and Nifty Smallcap 100 (down 0.02%) after underperforming from the start of the week. RBI Governor Shaktikanta Das said that economic recovery is likely to be gradual as rising infections continue to pose a risk that is in line with market expectation, so the market did not react with his announcement. Nifty IT (up 0.73%) continued its rally. Nifty Realty and NiftyPharma rallied by more than 2%. Top gainers of the Nifty were M&M (4.24%), Dr Reddys Labs (4.18%) and Hindalco (3.99%). Dr Reddy rallied as the Company and Russian Direct Investment Fund (RDIF) have agreed to distribute Sputnik V vaccine 100 million doses in India. Top losers of the Nifty were IndusInd Bank (1.86%), NTPC (1.59%) and Bharti Infratel (1.16%). Global cues were mixed as Dow Futures and Nasdaq Futures were up by 0.42% and 0.41% respectively, while FTSE was down by 0.14%."

Source : Equity Bulls

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