Daily Markets - Oct 16, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices bounced up on Oct 16 after the losses made during the previous trading session. At close, the Nifty was up 82.10 points or 0.70% at 11762.50. The Nifty ended with weekly losses of more than a percent despite gaining for four other days of the week.

Volumes on the NSE were just below the recent average with Metals, Banks, Realty and Pharma indices gaining while Media and IT indices closed marginally lower. Broader market indices gained more than the benchmark indices.

Asian shares were mixed on Friday as investors weighed concerns about the U.S. presidential election and an economic stimulus package, on top of fears of flaring outbreaks of coronavirus. Stocks in Europe gained as a slew of positive corporate news outweighed investor concern about new restrictions to curb the pandemic.

Domestic wholesales of passenger vehicles rose 26.45% year-on-year to 2,72,027 units in September 2020, according to data released by Society of Indian Automobile Manufacturers.

Recovery in the markets today has brought life back to traders. Now Nifty will have to cross 11800-11880 to make an attempt at a new high while 11661 would be a crucial support.

Source : Equity Bulls

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