Daily Market Wrap-Up - Nov 2, 2020 - Angel Broking

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

Markets today witnessed high volatility, with the financials leading from the front. It was one of the those rare days, where BankNifty outshone Nifty, ending the day @ 24,892, up 4.15% whereas Nifty managed to close @ 11669, up 0.23%. Reliance was the major drag on the Nifty, down 8.62% post its results announcement last week. Amongst the Top 3 Nifty gainers were Indusind Bank, Icici Bank and Axis Bank whereas only Reliance and TCS ended in the red in the Nifty pack. India VIX continues to rise marginally, ahead of the US Presidential elections. Nifty continues to be strongly supported around the 11500-11550 zone whereas resistance is seen around 11750-11800.

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

Sensex and Nifty closed up by 0.4% and 0.2% respectively due to rally in banking stocks after strong results reported by the companies in this sector. Nifty Bank sharpy rallied by 4.2%. All the top gainers of the Nifty were from banking space Indusind Bank (7.3%), ICICI Bank (6.3%) and Axis Bank (6.1%). Top losers of the Nifty were Reliance Industries (8.6%), Divis Labs (3.0%) and Eicher Motors (2.7%). Reliance Industries Nifty heavyweight tanked due to weak results reported by the Company. Global cues were supportive: Dow Futures, Nasdaq Futures and FTSE were up by 1.4%, 1.0% and 0.7% respectively. We expect volatility to continue in the market on the basis of results reported by the companies and global news around US election and coronavirus cases.

Source : Equity Bulls

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