Monday 14 October 2013

Closing Summary, Market Synopsis: 14th October, 2013

Markets seem to be in no mood to look at negative news flow since past few weeks while has been over pricing the positives. September inflation unexpectedly rose to 7months high of 6.46% & was high despite positive base effect. However besides a small selling reaction markets again reversed & rallied back to new three week highs. It was again IT which was leading the markets. Besides IT, buying was seen in beta names while defensives- Pharma & Consumers witnessed selling pressure. Expectation of strong result by Reliance was running high on street. The stock itself closed marginally positive but kept overall sentiments buoyant. Side market buying remained strong. Again money was seen flowing into smaller beaten down Banks. Today, buying was seen in Karnataka Bank, South Indian Bank, City Union, Fed, Indian Bank, Dhanlaxmi, Lakshmi Vilas etc. Overall breadth cooled off in the day; Advance-Decline opened at 1.5x but fell to 1.1x. Nifty premium opened at 20 points & expanded to 32 points. Metal stocks were trading weak. Pharma names  are seeing profit booking since two days. Maruti again failed to cross 200DMA (1480) from where it had reversed last month also.

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