Daily Market Wrap - Oct 11, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty lost more than half of the intra day gains by the end of the session but still ended in the positive for the third consecutive session on Oct 11. Nifty opened flat and rose gradually to touch an intra day high at 1130 Hrs. It later saw some correction. In the process, Nifty touched and crossed 18000 briefly. The move from 17000 to 18000 has taken just 28 days. In the runup from 17000 to 18000 all the old economy stocks including PSUs did well. The main gainers among Nifty were Tata Motors, ONGC, Coal India, NTPC, IOC, Reliance and Titan. In terms of sectors, Media, Realty, PSE, Energy and Auto gained the most. At close Nifty was up 50.7 points or 0.28% at 17946.

On a day when the volumes on the NSE were above recent average, Power, Metals, Realty, Auto and Bank indices rose the most while IT and Telecom indices lost the most. BSE midcap and smallcap indices rose about 0.5 percent each.

Asian stocks ended Monday's session on a mixed note. European stocks kicked off the week slightly lower on Monday as nerves around inflation and the upcoming earnings season offset surging commodity prices that supported oil and mining shares.

Expectedly Nifty reached 18000 and corrected from there. The Nifty could meander around this level for a few more sessions before taking any one direction, most likely up. Advance decline ratio ended in the positive though weaker than that in the morning. Sector and stock specific rotation could be witnessed going ahead while the index could remain in a range.

Source : Equity Bulls

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