Thursday, 24 October 2013

Closing Summary, Market Synopsis: 24th October, 2013

Nifty opened with strong euphoria surging to new highs of 2013 largely led by Banks & Capital Goods. However another strong profit booking in IT names dragged markets sharply down from highs. Selling in IT sector continued despite strong results by most large caps. Stronger INR was also raising concerns where most players had started factoring 65-67 levels of INR in valuation. Buying in side market junk names continued for another day where many small price stocks have rallied by 40-60% in just 2 weeks.. Nifty futures spread opened at +18points but dropped to +5points by close. INR continued to see resistance at 20DMA. All stronger indices viz. BSE Healthcare, BSE IT & BSE FMCG now reached first important support of 20DMA which they have been holding since past 2 months or so. Coal India broke below 50DMA. The Sensex closed down 42.45 points at 20725.43, and the Nifty ended at 6164.35, down 14.00 points. About 1177 shares advanced, 1289 shares declined, and 186 shares were unchanged.

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