The Indian benchmarks ended the day on a negative note on November 12, 2013.The last few days sell-off which started with Banks has now started percolating into broader market with selling resuming in other beta names. Most prominent among them is Metal sector which witnessed selling pressure for second day after Sail & Hindalco disappointed on results. Most players are waiting for Tata Steel's results tomorrow to take a broader call on the sector. Market is agog with the expectations of strong results by Tata Steel. Sell-off in Auto also accelerated after Tata Motors results which were actually good. Banks continued to underperform in a big way with Bank Nifty/Nifty ratio breaking first support of 20DMA. Only INR related sectors viz- IT & Pharmaceuticals are isolated from sell-off. This is seventh day of negative close in Nifty. Side market outperformance continued; BSE Midcap now reached important support of 200DMA. INR continued to surge after breaking 50DMA. FMCG showed biggest single day outperformance v/s Nifty in almost a month. The Sensex slipped 209.05 points or 1.02 percent to 20,281.91 while the Nifty closed at one-month low of 6,018.05, down 60.75 points or 1 percent from previous close.
Further, the market breadth closed slightly negative as two stocks were seen advancing against three declining stocks.
Further, the market breadth closed slightly negative as two stocks were seen advancing against three declining stocks.
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