The Indian benchmarks ended the day on a flat note on August 20, 2013. Traders started bottom fishing immediately after lower open but rally in Nifty failed to cross yesterday’s close where supply resumed. India 10-yr opened @9.5% (which was also 2008 high) & continued to sell-off which helped markets scale up gradually in the day. Likewise INR also opened higher but cooled-off getting traders comfortable. Hence Banks outperformed. But nonetheless selling in stronger names continued with IT taking the lead today where profit booking began. Besides IT, selling in other stronger names like Dabur, Lupin, Sun Pharma, HDFC, Asian Paints, Hero Honda remained as players were seen taking profit off the table wherever possible. Side markets continued to outperform where some buying interest was visible after a long time; Advance-Decline opened at 0.2 times but scaled to 1.05 times closing at days high. BSE Midcap was now at last week’s lows which Nifty has already broken.
Further, the market breadth closed neutral as one stock was seen advancing against each declining stock.
Further, the market breadth closed neutral as one stock was seen advancing against each declining stock.
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