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Markets ended today's session on a flat note; Sensex adds 14 points, Nifty settles at 11,464

Markets ended todays session on a flat note; Sensex adds 14 points, Nifty settles at 11,464
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For representational purpose

Highlights

Domestic equity market closed with marginal gains on Friday, September 11, 2020, amid mixed global cues and profit booking.

Domestic equity market closed with marginal gains on Friday, September 11, 2020, amid mixed global cues and profit booking. The benchmark S&P BSE Sensex closed 14.23 points, or 0.04 per cent, up at 38,854.55. Similarly, Nifty 50 rose 15.20 points, 0.13 per cent, to settle at 11,464.45, whereas the Bank Nifty ended flat 3.75 points, or 0.06 per cent, up at 22479.95.

21 stocks advanced and 29 declined on Nifty 50. Wipro (up 2.81 per cent), SBI (up 2.80 per cent), Tech Mahindra (up 1.83 per cent), TCS (up 1.68 per cent) and Hero MotoCorp (up 1.43 per cent) were the top five performers, while Zee Entertainment (down 2.22 per cent), IndusInd Bank (down 1.68 per cent), Power Grid (down 1.58 per cent), BPCL (down 1.53 per cent) and Bharti Airtel (down 1.18 per cent), where the top losers today.

On the other hand, the broader market at BSE outperformed the Sensex. The Mid-cap surged 0.58 per cent and Small-cap climbed 0.52 per cent.

It was an evenly poised day with both bulls and bears unable to overcome each other. Advances outnumbered declines by 3:2 indicating a positive bias. India VIX has cooled off this week, which is a good sign, to end the week at 20.7, down 6.5 per cent WoW.

Overall, Nifty continues to trade with a positive bias, with support seen around the 11050-11100 zone whereas resistance is seen around 11650-11750 range."

Nifty IT is rising as its business is not majorly affected due to COVID-19 and secondly WFH culture will lead to better margins for such IT companies.

India and China have agreed on five points to guide their approach to the situation on the Line of Actual Control (LAC). In the bilateral meeting between Foreign Minister Dr. S. Jaishankar and his Chinese counterpart Wang Yi held along the sidelines of the SCO Ministerial meet in Moscow, both the Ministers agreed for early disengagement and easing of tensions at the LAC.

The foreign ministers of the two nations reportedly agreed that troops of the two countries must quickly disengage from a border standoff, they said in a joint statement issued on Friday. The two foreign ministers agreed that the current situation in the border areas is not in the interest of either side. They agreed, therefore, that border troops of both sides should continue their dialogue, quickly disengage, maintain proper distance and ease tensions.

Global cues were positive as Nasdaq Futures, Dow Futures and FTSE and were up by 0.86 per cent, 0.56 per cent and 0.30 per cent respectively.

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