Quote on Today`s Market Performance 2 February 2021 by Mr. Deepak Jasani, HDFC Securities
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Below are Technical Quote On Today`s Market Performance by Mr. Deepak Jasani, Technical Research Analyst, HDFC Securities
Indian benchmark equity indices ended higher for the second day in a row on Feb 02 on the back of growth oriented announcements by the Finance Minister in the Union Budget 2021 on Feb 01.The Nifty opened gap up and then remained in a narrow range through the day. At close, the Nifty up 366.70 points or 2.57% at 14,647.90.
Cash market volumes on the NSE crossed Rs.1 lac crore as frenzied buying by institutions led to a multiplier effect on cash and F&O volumes. Among sectors, Banks, Realty, Media, Auto and Infra gained the most. Broad market indices like Smallcap and Midcap also rose, though less than the Nifty.
India's exports grew 5.37% year-on-year to $27.24 billion in January, while Imports rose 2% to $42 billion, leaving a trade deficit of $14.75 billion vs a trade deficit of $15.4 billion in December.
Asian stocks rose on Tuesday as signs of progress in U.S. stimulus talks boosted Wall Street overnight. An upbeat mood from Asian markets spilt over to Europe in early trading on hopes of more stimulus for the U.S. economy.
Nifty rose to just shy of the previous all time high of 14754, by making an intraday high of 14732 on Feb 02. A move above 14754 is essential to convince more buyers to buy now or on the next dip. Volumes and sentiments currently favour this happening.
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