Daily Markets - March 9, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices recovered post 1330 Hrs to end a volatile session higher for the second consecutive day on Mar 09. At close the NSE Nifty 50 index gained 0.95% or 142.2 points to end at 15,098. Financials and Insurance companies fuelled the upmove.

Volumes on the NSE were a little below recent averages. Among sectors Bank, IT were the main gainers while Metals, Media, Realty fell the most. The Nifty Midcap index fell 0.5% while the Smallcap index posted losses of 1% in today's session.

Global stocks steadied on Tuesday, supported by a decline in U.S. and European bond yields. U.S. 10-year Treasury bond yields also eased, to 1.5472%. Asian stocks recovered from earlier losses on Tuesday, lifted by central bank comments aimed at soothing fears about rising bond yields and inflation. European equities opened flat on Tuesday after the Bank of England (BOE) governor warned on the prospect of rising inflation.

Japan's economy expanded at a slower-than-initially-reported pace in October-December, growing 2.8% on the quarter, versus a preliminary 3.0% gain. Dalian iron ore futures fell by the 10% daily limit after anti-pollution restrictions in China's top steelmaking city of Tangshan, while metal prices were also hit by a firm dollar.

Nifty has remained in the 14920-15120 band for the past two days seeing alternate up-down moves in this band. A sustained breach of this band could result in a fresh move in that direction. Advance decline ratio has again fallen suggesting some nervousness among market participants.

Source : Equity Bulls

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