Markets Today - Dec 10, 2020 - Mr. Deepak Jasani, Head, Retail Research, HDFC Securities.

Indian benchmark equity indices ran into profit booking on December 10, though they recovered smartly from intra day lows. At close, the Nifty was down 50.80 points or 0.38% at 13478.30.

Volumes on the NSE were a bit lower than recent average. Among sectors, FMCG and Metals were the main gainers while Media, PSU Bank, Auto were the main losers.

Stocks were mostly lower Thursday in Asia after weakness in technology companies' shares led an overnight decline on Wall Street. Bets on more European Central Bank stimulus kept Europe's main stock markets and the euro steady on Thursday.

Nifty after filling the upgap made on Dec 09, has closed at the intra day high. The hitherto performing sectors are undergoing a correction while defensives like FMCG have started to perform. An upward breach of 13549 could result in resumption of uptrend. Till then doubts will remain as to whether we have made an intermediate top.

Source : Equity Bulls

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