The Indian benchmarks ended the day on a negative note on July 24, 2013. The morning slide was led by Banks which further accentuated in the day as support from FMCG waned unlike seen over past few days. Hence this round of banking slide created an impact. Banks again failed to cross the first resistance of 11300 itself dragging it to new lows. Bank Nifty to Nifty ratio dropped to 18 months low. Larger damage in Nifty was averted as futures reversed from 5971. It was again IT which saw buying interest in these uncertain enviornment. Bharti also been looked as a safe bet besides Reliance lately with no place left to hide. BSE Midcap finally plunged sharply below 20DMA & saw selling pressure through the day. Breadth traded highly subdued between 0.2-0.5x. Nifty roll traded stable between 35-37pts. Yes Bank collapsed on 1 year high volumes. Besides the general Banking sell-off, results accentuated the slide here.
Further, the market breadth closed negative as one stock was seen advancing against two declining stocks.