The Indian benchmarks ended the day on a positive note on August 29, 2013. Expectation of VWAP buying kept markets higher for 2nd day. Actual VWAP buying emerged in end helping Nifty break above 5400. Also most players have been talking of a possible halt in downtrend with this expiry similar to the trend seen since last 4 expiries where cycles have been reversing with the expiry. Locals were seen buying aggressively in markets despite INR trading weak besides the opening strength. Softening crude prices helped sentiments. Nifty futures halted at 5420 resistance level. Most buying emerged only in all stronger names like Lupin, HDFC, Kotak Bank, Reliance, IndusInd, Hero Honda, DR Reddy which were beaten down in last few days slide. Likewise IT stocks continued to surge to new highs as INR was showing signs of stabalizing at higher levels re-rating valuations. HCL Tech, TCS surged to new life time highs while Infosys underperformed. Banks & Midcaps underperfomed. Among Banks only private banks performed while PSUs closed in red. BSE Metal index surged to highs. Advance-Decline traded firm between 1.5 times to 2 times. All these led the Sensex to close at the level of 18401.04 i.e. up by 404.89 points and the Nifty to close at the level of 5409.05 i.e. up by 124.05 points. The midcap index and the small cap index closed in green with the gain of one and half a percentage point and two-third of a percentage point respectively.
Further, the market breadth closed positive as five stocks were seen advancing against four declining stocks.
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