Daily Market Wrap-Up - Oct 16, 2020 - Angel Broking

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

"Markets bounced back today on the back of positive global sentiments, with the benchmark index Nifty 50, ending @ 11762, up 82 points. Advances outnumbered declines by almost 2:1. Amongst the Top 3 Nifty gainers were JSW Steel, Tata Steel and BPCL whereas UPL, HCL Tech and Zee were the Top 3 Nifty losers. Overall, we have witnessed sharp volatility this week and going forward, Nifty is likely to run into a stiff wall of resistance around the 1205-12100 zone whereas crucial support is seen around the 11500-11600 zone."

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

"Yesterday after sharp correction, today Sensex and Nifty closed up by 0.64% and 0.70% respectively. Rally was led by banking, metal and pharma stocks. Profit booking is happening in most of the IPO that has made stellar listings in the last month. Route Mobile, Happiest Minds and Chemcon Speciality Chemicals corrected by 7.27%, 4.45% and 3.37% respectively in this strong market. Top gainers of the Nifty were JSW Steel (6.69%), Tata Steel (5.34%) and BPCL (4.07%). Steel stocks rallied on expectation of demand recovery and increasing steel prices. Top losers of the Nifty were UPL (7.82%), HCL Tech (3.82%) and M&M (1.73%). UPL corrected as their auditor M/s. KPMG, Mauritius has resigned from the audit of UPL Corporation Limited, Mauritius. Futures were flat, while FTSE was up by 0.77%."

Source : Equity Bulls

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