Daily Market Wrap-Up - October 29, 2020 - Angel Broking

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

Markets continued to witness volatility amidst selling pressure on the back of rising global COVID 2nd wave concerns and profit-booking at higher levels on F&O Monthly expiry day. The benchmark index Nifty 50 closed @ 11670, down 58 points with declines outnumbering advances by almost 3:2. Amongst the Top 3 Nifty gainers were Asian Paints, Ultratech Cement and Tech Mahindra whereas L&T, Titan and Adaniports were the Top 3 Nifty losers. Overall, we are witnessing consolidation in the markets, with Nifty meeting with resistance around 11850-11900 zone whereas support is seen around 11450-11500 levels. India VIX has gained 10% so far this week, which could become a cause of concern if this trend continues as increased volatility is likely to be witnessed ahead of US Presidential Elections.

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

Sensex and Nifty started the day on a negative note by opening down by ~1% each due to weak global cues but eventually closed down by 0.4% and 0.5% respectively. Several European countries are imposing fresh lockdown due to surging cases of coronavirus. Top gainers of the Nifty were Asian Paints (3.1%), Ultratech Cements (2.4%) and Shree Cements (1.5%). Top losers of the Nifty were L&T (4.9%), Titan (3.2%) and Adani Ports (3.1%). Dow Futures, Nasdaq Futures and FTSE were up by 0.5%, 0.9% and 0.3% respectively. We expect volatility to continue in the market on the basis of global news flow.

Source : Equity Bulls

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