As anticipated, the key Indian equity benchmarks opened in green and is trying to break-free from the negativity in the market. The upmove in today's trade has come after two days of losses that sent the Nifty and the Sensex below the 200-DMA levels. The recovery can be attributed to some bargain buying following recent steep declines. Also, the RBI’s move saying 50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder, has provided support to the falling rupee and the market. Meanwhile, midcap and the small-cap counters are trading positive by over half a percentage point each. On the sectoral front, except for IT index, all the other indices are trading in green. Bank and Capital Goods indices are leading the list of gainers with gains of over a percentage point each. Further, the market breadth is positive as five stocks are seen advancing for every two declines.
(Pic. Source- bseindia.com)
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