The Indian benchmarks ended the day on a positive note on July 11, 2013. They opened the day with a big gap up and started scaling up to higher levels. This gap up opening was on the back of the Federal Reserve chairman Ben Bernanke announcing that the Fed is not in a hurry to raise short term rates and that rates will remain low to aid recovery. This implied that the quantitative easing will not end soon. This made emerging markets like India trade at higher levels.This also helped rupee to open stronger.However, it could not maintain the gains due to currency’s fundamental weakness. On the other hand the market closed at a one month high level. The Sensex closed at the level of 19676.06 i.e. up by 381.94 points and the Nifty closed at the level of 5935.10 i.e. up by 118.40 points. The midcap index and the small cap index closed in green with the gain of two-third of a percentage point each. On the sectoral front, all the indicies except one closed in green. The Metal Index closed as the biggest gainer with the gain of three percentage points. This was followed by the Bankex Index which closed with the gain of two and half percentage point. On the other hand the Consumer Durables Index closed as the biggest loser with the loss of nearly two-third of a percentage point.
Further, the market breadth closed positive as seven stocks were seen advancing against five declining stocks.
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