The Indian benchmarks ended on a positive note on August 12, 2013. Nifty opened with lot of nervousness as big shorting began in Banks ahead of SBI numbers in the opening session. However short
covering started immediately after SBI numbers despite negative results as a big uncertainty was out of way taking Nifty futures above the resistance of 5631 mark. Again most money was finding its way into safer defensive bets viz. FMCG & Pharmaceuticals which were main contributors besides HDFC ltd. Nifty futures collapsed towards close as INR surged to day’s high despite a benign July trade deficit.Hence Bank Nifty again lost all days gain & closed at day’s low. Broader markets were however strong & closed in big green. Advance -Decline traded strong between 1.5x to 2.5x. Tata Steel surged on news of it benefiting from lower Europe cost.
Further, the market breadth closed positive as seven stocks were seen advancing against four declining stocks.
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