Goodwill Investors’ Education 11th June 2020
Eagle’s Eyes: Stock Market Today- A review:
MARKET NEWS TODAY: Bank Nifty21244..NIFTY 10112 SENSEX:34219…All High.
Indian Bourses are highly optimistic and have come into the grip of Bulls after a long time today and rebounded after seeing a sharp correction in the previous session. Some analysts view today’s up move to a short-covering rally ahead of Thursday’s weekly derivative expiry. Gains were seen in Reliance Industries and financials even as global markets remained mixed last day. The NSE Nifty 50 index ended up 0.69% to 10,116, while the benchmark S&P BSE gained 290 points to 34,247.05.
Heavyweight Reliance Industries added 2.3% while Indus Ind Bank Ltd surged 10 % -at upper circuit, to end as the top gainer in the Nifty index. Today also it is up and touched Rs 540/- The Nifty banking index ended up 1.81%.
“Sense of optimism is now building in the markets and traders to prefer not to remain short in the market. Today, ahead of the weekly expiry, traders were seen covering short-position in banking and NFBC stocks,” said Rahul Sharma, Head of Research, Equity99 Advisors.
Elsewhere, shares of Panacea Biotech Ltd was up as much as 20%, after the firm said it would partner with U.S.-based Refana Inc to make a potential vaccine for COVID-19.
BSE midcap and small cap indices also gained today, rising 0.8% and 0.9% respectively. Global markets were muted ahead of outcome of the US Fed’s two-day meeting that ends today.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities opined that
“The market took a dramatic turn in the second half of the trading session on buying in private banks and NBFCs, as Nifty continued to hold above the 10000 mark. The market mostly traded in a narrow range due to uncertain global cues and nervousness ahead of the outcome of the US Fed meet. Tomorrow could be the most crucial day for the market as the market has formed a tight range-bound activity and on the dismissal of the trading range, Nifty would enter in trending (impulsive) activity. Above the level of 10150, Nifty would move to 10350 and below the level of 10000, Nifty may fall to 9950.” Today Nifty touched a low of 10005 as against the present one of 10033 now
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