Markets
seem to be in no mood to look at negative news flow since past few weeks while
has been over pricing the positives. September inflation unexpectedly rose to
7months high of 6.46% & was high despite positive base effect. However
besides a small selling reaction markets again reversed & rallied back to
new three week highs. It was again IT which was leading the markets. Besides
IT, buying was seen in beta names while defensives- Pharma & Consumers
witnessed selling pressure. Expectation of strong result by Reliance was
running high on street. The stock itself closed marginally positive but kept
overall sentiments buoyant. Side market buying remained strong. Again money was
seen flowing into smaller beaten down Banks. Today, buying was seen in
Karnataka Bank, South Indian Bank, City Union, Fed, Indian Bank, Dhanlaxmi,
Lakshmi Vilas etc. Overall breadth cooled off in the day; Advance-Decline
opened at 1.5x but fell to 1.1x. Nifty premium opened at 20 points &
expanded to 32 points. Metal stocks were trading weak. Pharma names are seeing profit booking since two days.
Maruti again failed to cross 200DMA (1480) from where it had reversed last month
also.
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