The Indian benchmarks ended the day on a flat note on October 7, 2013. The BSE-Sensex closed the day lower by about 21 points, while NSE-Nifty ended lower by about 1.8 points. Meaningful shorting pressure was visible in markets in morning pulling spreads down across board. Nifty futures premium fell to 30 points from 55 points on Friday. However yet again slide in Nifty futures halted at 200DMA where shorts began covering pushing spread back to 45 points. Banks underperformed sharply. Bank Nifty broke below 20DMA & slide halted at 50DMA. Besides Banks most sectors were trading strong. BSE IT index rallied back to life time high which was last seen in September this year. Pharma rallied sharply as Lupin recovered back to previous highs while laggards like Ranbaxy, Biocon, DIVIs witnessed buying interest. DIVIs broke above 200DMA first time since May'13. Nifty recovered all the day’s loss & moved back to opening levels. Action in midcaps continued to remain strong. BSE Midcap closed at three month’s high today. Advance – Decline opened at 0.8 times & gradually inched up in the day to 1.3 times. Coal India failed to move above 200DMA from where slide resumed on disinvestment buzz.
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