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Market Commentary
Daily Markets - May 20, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Posted On : 2021-05-20 17:51:57( TIMEZONE : IST )
Indian benchmark equity indices ended lower for the second consecutive session on May 20. Nifty opened mildly higher but sold off in the first few minutes of trade. It later attempted to rise but made lower top, lower bottoms. Post 1400 Hrs, it fell sharply and closed near the low of the day. At close, the Nifty was down 124.20 points or 0.83% at 14,906.
Volumes on the NSE were lower than recent averages. Among sectors, Realty was the only major gainer while Metals, Banks and Oil & Gas were the main losers.
Asian stock markets are mixed on Thursday, following the negative cues overnight from Wall Street as the accelerating pace of inflation and the bitcoin's sharp plunge weighed on the market. According to reports, the Bank of Japan Governor Haruhiko Kuroda has warned that downward pressure on economic activities due to the ongoing pandemic could grow stronger due to uncertainty over the pace of the country's vaccination rollout. Japan's government reported that exports rose 38% in April from a year earlier while imports climbed nearly 13%, indicating a recovery in overseas demand even as the country weathers its worst bout of coronavirus outbreaks so far.
Stocks in Europe staged a small rebound on Thursday after cryptocurrency markets began to recover from a major sell-off on Wednesday though tapering talk from the U.S. Federal Reserve kept bond markets under pressure. German producer prices posted their biggest increase in nearly a decade, in a further sign that supply bottlenecks are leading to increased inflation pressure in Europe's largest economy.
Nifty fell amidst lower than average volumes with advance decline ratio becoming equal. In the process, the upgap formed on May 18 has been filled, nullifying the sharp bullishness. However nervousness out of recent data on inflation and cryptocurrency sell-off seems to have tapered off or already in the price. 14824-15009 is the near term band for the Nifty.
