Daily Markets - Dec 2, 2020 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian Benchmark equity indices recovered from the day's low point post 1400 Hrs and ended with little change in a mildly volatile session on December 2. At close, the Nifty was up 4.80 points or 0.04% at 13,113.80.

Volumes on the NSE were higher than recent average. Among sectors, Metals, Auto and Realty indices were the main gainers while Bank index was the main loser.

Asian shares were mixed Wednesday as hopes for additional U.S. economic stimulus and a coronavirus vaccine, were offset by profit taking by some investors. Australia reported its economy expanded 3.3% in the July-September quarter as the country recovered from pandemic lockdowns. That lifted the country out of recession, although in annual terms the economy contracted 3.8% from a year earlier.

European stocks pulled back slightly on Wednesday morning, tracking mixed sentiment in their U.S. and Asia-Pacific counterparts. The U.K. on Wednesday became the first country in the world to authorize the Pfizer-BioNTech coronavirus vaccine, making it available from next week.

Nifty refuses to settle lower and keeps recovering from intraday losses. At the same time it is becoming difficult for it to rise sharply from hereon. Nifty is not far from the recent high of 13146. Sector and stock rotation could continue till a major trigger takes it either way.

Source : Equity Bulls

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