Daily Markets - Sep 24, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Indian benchmark equity indices gave up some early gains but managed to end in the positive on Sept 24. The Sensex closed above 60000 for the first time ever. Nifty opened gap up, made an intra day high at 0920 Hrs and started to fall soon thereafter. At close the Nifty was up 0.17% or 30 points to 17853.

On a day when the volumes on the NSE were higher than the recent averages, Realty, Telecom and IT indices rose the most, while Power, Metals, Consumer Durables, and Healthcare indices fell the most. BSE midcap index fell 1 percent, while smallcap index was down 0.3 percent.

Global shares were on edge on Friday, hurt by persistent uncertainty around the fate of debt-ridden China Evergrande, even as increased risk appetite drove U.S. stocks and Treasury yields higher.

Nifty closed higher for the fifth consecutive week, closing 1.52% higher for the week. For the week, Realty, Media and IT indices rose the most, while PSU Banks, Metals and Pharma indices fell the most. Advance decline ratio for Sept 24 however fell deeply into the negative, suggesting nervousness among the market participants about the broader market. Nifty is now close to 18000 and once that round number is achieved we could see a broad based correction in the markets. 17645-17792 band is the support for the Nifty.

Source : Equity Bulls

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