Daily Markets - Oct 30, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian equity benchmark indices ended lower for the third consecutive day on October 30. Nifty opened higher and rose to make an intra day high at about 1000 Hrs. It later fell to a low around 1300 Hrs. A weak recovery followed till the end of the session. Nifty mirrored the direction of European markets that fell at open and then recovered. At close, the Nifty was down 28.40 points or 0.24% at 11642.40.

Volumes on the NSE were in line with the recent averages. Auto, FMCG and Bank indices ended in the red while other indices ended in the positive with Realty, Media and Metals gaining the most.

Fresh concerns about the outlook for technology giants fueled a decline in Asian stocks Friday as shares of Apple suppliers led the tech sector lower. The U.S. tech giant beat earnings expectations on Thursday but failed to offer any guidance for the fourth quarter.

European shares erased declines after a string of positive earnings reports. Data released Friday showed rebounding growth in the third quarter for France. The eurozone's second-biggest economy grew 18.2% following a revised 13.7% decline in the second quarter.

Nifty is tagging the western markets directionally. Hence sentiments need to stabilize in the US/Europe. Improvement in advance decline ratio on Friday is encouraging. While Nifty made a new intraday low, it closed only marginally lower compared to Thursday.

Source : Equity Bulls

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