Mr. Aamar Deo Singh – Head Advisory, Angel Broking Ltd
Markets witnessed a sharp sell-off during today’s trading session, on the back of weakness in global markets. The benchmark index Nifty 50 ended the day @ 11,729 down 159 points. Amongst the Top 3 Nifty gainers were Bharti Airtel, UPL and Hero Motocorp whereas HDFC, Indusind and ICICI bank were the Top 3 Nifty Losers. Going forward, Nifty has crucial support around the 11600-11650 zone whereas resistance is seen around 11850-11900. Volatility is being witnessed ahead of the monthly FNO Expiry tomorrow.
Mr. Keshav Lahoti – Associate Equity Analyst, Angel Broking Ltd
Sensex and Nifty closed down by 1.5% and 1.3% respectively due to correction across all sectors due to rapidly surging coronavirus cases and no stimulus package to be announced in the US before election. Top gainers of the Nifty were Bharti Airtel (4.3%), UPL (2.8%) and Hero Motocorp (1.2%). Bharti Airtel rallied due to strong quarterly results reported by the Company. Top losers of the Nifty were HDFC (3.6%), IndusInd Bank (3.4%) and ICICI Bank (3.4%). Global cues were quite negative: Dow Futures, Nasdaq Futures and FTSE were down by 1.6%, 1.0% and 1.4% respectively. We expect volatility to continue in the market on the eye of key events of the US election, ongoing result season and how coronavirus cases are spanning around the world.