Below is the Views On Today`s Market Performance by Mr. Deepak Jasani, Head Retail Research, HDFC Securities
Indian equity markets ended lower for the second straight day, pulled lower by Reliance Industries ahead of its ex-date May 12. However contrary to the behavior over past few days, post 2 pm, Nifty recovered sharply from the lows to end 0.5 percent lower at 9,196. Aviation, Telecom, Power and Metal stocks rose while Reliance, Pharma and Banks/NBFCs fell.
Shares fell Tuesday in Asia as worries over fresh outbreaks of coronavirus cases overshadowed hopes over reopening economies. European stocks inched up Tuesday amid data showing new coronavirus cases slowed, The worldwide new-virus growth rate slowed down to 1.8% from 2.9%, according to Deutsche Bank-compiled data.
Hopes of announcement of a fiscal package in or after the 8 Pm address by the PM today, raised hopes among market participants.
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Technically Nifty has rebounded after breaching the 9140 level. This bounce could take it up towards 9380 in the near term.