The Indian benchmarks ended the day on a flat note on August 1, 2013. Nifty opened higher on back of global strength but saw a knee-jerk selling after rumors that National Spot Exchange Limited (NSEL) was facing liquidity problems which could result in selling from equities. NSEL suspended trading in some contracts & merged delivery & settlement for others deferring them for 15 days. However NSEL's chairman assured that it had enough liquidity which brought covering in markets. Nifty futures briefly broke below yesterday’s low & retraced quickly. However in the recovery it was only HDFC Bank, HDFC, Axis Bank & Hind Unilever which brought most rally. At last some traders got some solace in Bank Nifty which managed to close in green after six days of non-stop selling. It was private Banks viz Axis Bank, HDFC Bank, Kotak Mahindra Bank & IndusInd Bank which brought the strength. All PSU banks were weak. Buying interest in banks emerged after INR started strengthening. INR appreciated after speculation was rife that RBI has started intervening as its again reached previous highs of 61. Nifty closed in red as non-Banking names continued to add pressure. Advance- Decline opened at 0.3 times but plunged sharply to 0.5 times.
Further, the market breadth closed negative as five stocks were seen advancing against nine declining stocks.
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