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Below is the Views on Economic Survey And Todays Market Performance By Mr. Deepak Jasani, Head Retail Research, HDFC Securities
Markets resumed their downtrend on Friday as the Nifty corrected further after witnessing wild swings during the day. After a positive opening, the Nifty witnessed selling pressure in the early afternoon trade.
The index however bounced back in afternoon trade after Economic Survey projected GDP growth at 6-6.5% for 2020-21. Fresh selling however resumed once again and pushed the index to the day's low in the final hour of trade ahead of tomorrow’s Union Budget. The Nifty lost 73.7 points or 0.61% to close at 11,962.1. Cash market turnover on NSE increased as investors placed bets on the penultimate day before the Budget for FY20-21.
PSU stocks like ONGC, Coal India, IOC, faced the brunt of selling pressure as Institutions seemed to have sold these to maintain weight on them after subscribing to CPSE FFO 6 issue on Thursday.
Broad market indices like the BSE Small Cap index lost less, thereby outperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE. Sectorally, the top gainers were the BSE Telecom, Realty, Consumer Durables and Bankex indices. The top losers were the BSE Oil and Gas, Metal, Power and Auto indices.
Asian markets extended their fall as the WHO labeled the virus a global emergency. European stocks also weakened on Friday as the UK announced its first two cases of coronavirus on Friday and the United States issued a Level 4 warning, its highest, urging Americans to avoid travel to China as a wave of panic and infections increase.
Technically, the underlying trend remains down. Tomorrow is the Budget day. So markets are likely to be volatile. The Nifty could head towards the next major supports of 11832 if the immediate supports of 11929 are broken. Any pullback rallies could find resistances at 12122-12150.
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