The Indian benchmarks ended the day on a negative note on September 3, 2013. After doing a brief crossover of 5568 , Nifty futures collapsed loosing most gains of last few days as INR resumed its uptrend. It was Banks where patterns remained fragile as it again failed to cross important resistance & resumed down leg. On closing basis Bank Nifty dropped to new low today. Panic button was pressed as INR weakness resumed after just a few days of sideways trade. INR again was the weakest trading emerging currency moving back close to previous highs. Nervousness over US attack on Syria remained high raising concerns over crude supply which adds to India's woes. Nifty futures dropped to 15pts discount as shorting resumed. All stronger names which saw buying in last few days - HDFC, HDFC Bank, ITC, IndusInd Bank, Asian Paints etc saw massive sell-off. Selling in IT stocks towards close added to the pressure. Reliance saw largest percentage slide since Jul'09.ITC & Reliance cracked sharply below 200DMA. Bank Nifty/ Nifty ratio broke down to Jul'09 lows. Side markets outperformed.
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Further, the market breadth closed negative as five stocks were seen advancing against nine declining stocks.
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