The Indian benchmarks ended the day on a positive note on September 6, 2013. Strong INR induced short covering accelerated in Nifty, pulling the premium to a new high of thirty points in the day. Rally in Nifty reached 50DMA. Covering in private banks continued for second day helping Bank Nifty again close at the day’s high. Largest squeeze triggered in ICICI, pushing it 20% higher in just three days. Today buying started spreading onto other high beta names although Banking sector remained leader. PSU banks were however weak. Oil stocks were sharply higher ahead of expectation of diesel price hike over weekend. Telecom rallied on buzz that TRAI may propose cut in spectrum prices. Sentiments also turned bullish after Foreign Minister said that on 16th Sep, Oil minister will announce plans for lowering fuel consumption- which will strengthen INR further. Markets ignored Monday's risk of Syrian vote which will be crucial for Crude trends. Brent as of now is halted at important weekly resistance. L&T moved higher than 20DMA. Auto stocks were weak. Lupin continued to reel under selling pressure for second day. Side markets again underperformed.
Further, the market breadth closed positive as four stocks were seen advancing against three declining stocks.
Further, the market breadth closed positive as four stocks were seen advancing against three declining stocks.
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