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

Indian markets opened marginally higher and remained rangebound till about Noon. Post this they gradually began to rise. The Nifty ended 83 points or 0.72% higher at 11604.6, the highest close in almost 3 weeks.

Volumes on the NSE were just under the recent average. Smallcap and Midcap index seem to have run out of steam after a strong two day rally. IT, Healthcare, Auto, Media and Realty indices rose while Power and Telecom ended in the negative. Reliance rose with volumes. Traders came back to largecaps after enjoying a two day rally in the small and midcap space.

Addressing the FICCI National Executive Committee Meeting, Reserve Bank of India Governor Shaktikanta Das on September 16 assured that the RBI is closely monitoring economic situation, and the central bank is prepared to take further measures to prepare the economy and banking system to fight the Covid-19 pandemic. High frequency indicators of agricultural activity, purchasing managers' index (PMI) for manufacturing and private estimates point to some stabilisation of economic activity in Q2. These reassuring statements helped the Nifty to rise towards the recent highs.

Asian markets were mixed ahead of the US Fed meet outcome later this evening. European stock markets edged mostly higher Wednesday, helped by retailers.

Nifty has closed at a recent high and that bodes well for the near term.

Source : Equity Bulls

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