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Vinod Nair, Head Of Research at Geojit Financial Services:
The strength of Indian market is supported by the good Q2 results announced till date, in expectation of a further fiscal stimulus and drop in the rate of daily covid cases. Till date the optimism of the market is limited to blue-chips and sectors like IT & Banks. To improve the breadth of the market in the future, a lot will depend on the trend of Q2 result, which has a very positive view.
This buoyancy was also supported by global trend which faded due to lack of consensus in the US to sign a fiscal package before the election and no hope of talks between EU-UK. Volatility is expected going forward but market will maintain its optimism in-line with stock-wise Q2 result, size of the domestic stimulus and global developments.
Cipla launches Nintib:
Cipla has launched generic Nintedanib for the treatment of Idiopathic Pulmonary Fibrosis (IPF). Available as 100 mg and 150 mg capsules, it will be marketed under the brand name Nintib.
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments:
The markets have entered into a rangebound zone – between 11650 and 12050. For an impulsive move to trigger, we would need to get past one of these levels on the back of good volumes. Until then traders are advised to maintain caution.
#MarketswithMC | Closing Bell 🔔 #Nifty ends near 11,900, #Sensex up 112 pts led by IT stocks#stockmarket #stockstowatch LIVE: https://t.co/zzwYYGFRX8 pic.twitter.com/qFWRsZ80eZ— moneycontrol (@moneycontrolcom) October 20, 2020
Market Close: Indian indices rose for the third straight session on October 20 amid mixed global markets.
At close, the Sensex was up 112.77 points or 0.28% at 40544.37, and the Nifty was up 23.80 points or 0.20% at 11896.80. About 1344 shares have advanced, 1299 shares declined, and 157 shares are unchanged.
HCL Tech,Tech Mahindra, Asian Paints, HDFC Bank and Bharti Airtel were among major gainers on the Nifty, while losers included Britannia Industries, ONGC, GAIL, IOC and UPL.
On the sectoral front, IT index gained 1 percent followed by the pharma and auto, while energy, FMCG, metal and PSU bank indices closed in the red.
Abhishek Bansal, Founder Chairman, Abans Group:
Nickel prices rallied to 11-month highs on Monday, and are now trading at $15,700. Robust demand from stainless steel mills is supporting this rally, in the backdrop of a lower dollar, and healthy industrial growth in China.
Nickel prices found additional support from delays in Indonesian production capacity expansion, which will result in short-term shortage of raw materials for the EV industry.
Nickel prices are likely to continue their positive move, while above the key support level of the 20-days EMA of $14,902. Meanwhile, a critical resistance could be seen around $15,755-$15,987 levels.
Gujarat Ambuja Q2: The company’s consolidated net profit at Rs 72.8 crore versus Rs 14.5 crore and revenue was up 9 percent at Rs 989.3 crore versus Rs 908.4 crore, reported CNBC-TV18.
Crude Updates: Oil prices fell on Tuesday on worries that a resurgence of coronavirus cases globally is stifling a recovery in fuel demand while growing Libyan output adds to already plentiful supply.
BSE Oil & Gas Index slipped 1 percent dragged by the ONGC, IOC, HPCL: