The Indian benchmarks ended the day on a positive note on August 22, 2013. Nifty gapped down at open on back of global weakness and a new high on INR. However talks of RBI intervention in INR above 65 helped Nifty to scale above 5400. Shorts came to cover pulling the spread higher to +12 points from a low of -15 points yesterday. However Bank Nifty failed to cross morning highs as INR was taking support at opening levels of 64.7. Top movers of Nifty were again defensive names viz. ITC, TCS, INFO, Bharti, Reliance, SunPharma. BSE Oil index also gained sharply recovering all of yesterday’s loses. After two days of outperformance, Banks again underperformed largely on back of selling in HDFC Bank & Axis Bank. BSE Healthcare index touched 200DMA from where it rallied sharply. BSE Metals surged sharply above 50DMA. Side markets underperformed as it was a Nifty covering led move. However Advance-Decline expanded from 0.4 times at open to 1.5 times, which is strongest close in two weeks.
Further, the market breadth closed positive as five stocks were seen advancing against four declining stocks.
Further, the market breadth closed positive as five stocks were seen advancing against four declining stocks.
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