Daily Market Wrap - Oct 13, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed higher for the fifth consecutive session on October 13. In the process it closed above 18000 for the first time ever. Nifty opened gap up on October 13 and inched up gradually through the day with minimal corrections. At close Nifty was up 0.94% or 170 points to 18162.

On a day when the volumes on the NSE were above recent average, Power, Metals, Consumer Durables, Capital goods, Automobiles and IT were the main gainers while Realty index ended marginally in the negative. Midcap index rose 1.6% while Smallcap index rose 0.63%.

Asian stocks were mixed Wednesday as traders weighed the impact of elevated inflation on the economic recovery and looked ahead to earnings reports. European stocks and U.S. equity futures bounced before inflation data out of the U.S. along with earnings reports that will measure corporate health in an era of rising costs.

Nifty continues the upmove unabatedly and has closed above 18000. Advance decline ratio ended marginally in the positive. Technical indicators on daily charts are close to becoming overbought and hence some correction/ consolidation in the index may be seen over the next 1-2 sessions.

Source : Equity Bulls

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DailyMarketWrap HDFCSecurities Nifty