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Market Report

Tuesday, 20-Oct-2020


  • The BSE Sensex climbed 112.77 points or 0.28 per cent to close at 40,544.37 today, going down about 200 points from the day's high. Its broader peer NSE Nifty advanced 23.75 points or 0.20 per cent to finish at 11,896.80 today. Of the 30 Sensex stocks, 15 closed higher and an equal number 15 closed lower today. For the 50-stock Nifty, 25 closed with gains and 24 stocks closed with losses. 1 remained unchanged. Broader market indices outperformed their headline peers as Nifty Smallcap edged 0.38 per cent higher while Nifty Midcap rose 0.63 per cent.

  • Benchmark indices extended their rally to the third day. In the last 14 sessions, they have closed in the green in 13 instances, thanks largely to a rally in IT and pharma stocks. However, with the one-way rally, volatility has also surged. PSU stocks witnessed profit booking as cautiousness over US stimulus checked investor enthusiasm on Tuesday. Apart from a broader upbeat momentum, company-specific developments also dictated stock movement.

  • Nifty50 on Tuesday climbed for the third session in a row, but could not reclaim the 11,900 level on a closing basis. The index formed a small bullish candle on the daily chart with a long upper wick, as it could not hold above the key resistance at 11,950. However, it did manage to hold its immediate support at 11,820 level and witnessed good recovery from lower levels. Unless taken out, 12,000 remains a strong resistance point to watch in the coming days. Wednesday's session is likely to see 11,940 and 12,000 acting as resistance points, while support would come in at 11,865 and 11,800 levels.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Google/Yahoo!/iCharts/The Economic Times)