Markets had ignored the high inflation data declared yesterday evening as INR failed to show adverse reaction to high inflation. However the sharp depreciation in INR today brought the pressure on Banking names across board today. Bank Nifty showed largest single day underperformance in more than three weeks which kept markets under constant selling pressure since morning. However on downside we have been seeing bottom fishing interest emerging. Also IT names have been helping avert larger slide in market. IT stocks continued to witness one sided buying interest for another day. Post Infy results, BSE IT index has already rallied by 7%. After Infosys, now TCS, Wipro & TechM are seeing incremental buying ahead of results. IndusInd Bank, again, failed to cross 200DMA for third time in past one month where big selling resumed again. Today, Midcaps underperformed with breadth dropping to one month low. The sensex closed in negative, down by 59.92 points at 20547.62, while, Nifty closed at 6089.05 down by 23.65 points
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