Daily Market Commentary - Oct 9, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day where it has left yesterday. The Global cues were a mixed bag. The RBI kept all major rates unchanged but given good news for the housing and realty sector by doing changes in terms of the extant regulations on capital charge for credit risk for individual housing loans by banks. Banking stock showed strong gains which pushed the Banknifty above 23800 levels. The IT sector continued its winning strike. Nifty started at 11865. In the first half itself, it has made a low of 11815 and bounces back sharply post RBI policy. Finally closed at 11914.

Nifty Midcap and small-cap continued to underperform major indices.

In Nifty 50, the top five gainers were Wipro, Icicibank, Sbi, HDFCbank and Axisbank. Whereas, major losses were seen from Grasim, Hindalco, Upl, Sunpharma and SBILife.

Market breadth remained neutral. For every Nine losers, there were ten gainers. India Vix closed at 20.38.

Going forward, major support will be seen around 11620 and Resistance will be 12020.

Source : Equity Bulls

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