The Indian benchmarks ended the day on a positive note on November 29, 2013. After a strong expiry yesterday, buying momentum in markets continued as elections date come closer. Big bets were being taken in market on expectation of BJPs victory. This is getting clearly reflected in side markets & beta names where buying pace has further accelerated. Bank Nifty outperformed sharply while FMCG, Pharma & IT continued to underperform since past few days. BSE Midcap recovered back to previous high after having survived & reversed from 200DMA two weeks back. Nifty spread opened at+60points but dropped in the day to +45points. PSU Bank witnessed stronger buying than private banks. INR was seen taking support at 50DMA from where it had reversed last time. Tata Motors witnessed some supply at its previous highs. LT surged to new 6 month’s high. NMDC held 200DMA & reversed sharply. Overall volumes dropped sharply in markets. The Sensex closed up 257.02 points or 1.25 percent at 20791.93. The Nifty ended at 6176.10, up 84.25 points or 1.38 percent.
Further, the market breadth closed positive as seven stocks were seen advancing against five declining stocks.
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