Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty rose on Sept 13 to close above 20000 for the first time ever. At close, Nifty was up 0.38% or 76.8 points at 20070. Volumes on the NSE were a bit lower than recent average. Smallcap index rose more than the Nifty even as the advance decline ratio rose sharply to 1.94:1. Markets witnessed a broad based recovery.
Global equities were mostly lower Wednesday as investors desisted from big bets ahead of a key inflation reading in the US that could provide some clarity on an inflation outlook, complicated by a spike in oil prices, and its effect on interest rates. U.K. gross domestic profit fell by 0.5% in July, below the 0.2% contraction forecast in a Reuters poll of economists. Europe's Stoxx 600 retreated 0.7% as stagflation concerns mounted.
Nifty advanced smartly and recovered from the losses from the previous day's highs. The momentum in the Nifty and the broad market can continue except for a very negative inflation report from US this evening that could puncture the global markets. Nifty could stay in the 19865 - 20140 band for the near term.
