Nifty and BankNifty, Stock Market Outlook 29 October 2020
Stock Market Today
👉 On the global front, Asian markets settled mostly lower on Wednesday, while European markets were trading lower, as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries.
👉 Uncertainty over the impending US presidential election also weighed on investors' sentiment. Back home, on the sectorial front, stocks related to chemical sector were in focus with ratings agency ICRA’s report that with most basic chemical and petrochemical players having a diverse range of end-user industries, the impact of coronavirus disease (covid-19) slowdown is likely to be moderated.
👉 Indian equity benchmarks ended by over a percent each lower on Wednesday, weighed down by the weakness in banking, finance, metal and realty stocks amid weak global cues. Markets made slightly negative start but soon managed to wipe out all the losses to trade in green, as some respite came with Niti Aayog Vice Chairman Rajiv Kumar exuding confidence that India's economic growth would be in positive territory in the second half of this fiscal, and will do even better than a large part of the world in 2021-22.
👉 However, buying proved short-lived as markets once again entered into negative terrain and stayed in red for rest of the day, as traders turned anxious with the central bank’s statement that Indian states are racking up more debt to fund the prospect of wider budget deficits as they step up spending to fight the virus pandemic.
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