The Indian benchmarks ended the day on a weak note on November 5, 2013. Nifty opened on weaker note in morning but buying interest was again seen emerging after the initial correction. However it was the side market where buying euphoria continued. After breaking above 200DMA on Friday, buying momentum in BSE Midcap index accelerated sharply. Today midcaps outperformed Nifty by 2% which is largest single day outperformance in at least a year. Nifty spread opened at +36 points & surged to +55 points as buying interest again started rising with the correction. The beta flavor continued with FMCG, Pharma & IT again getting dumped for midcaps. It seems that money is flowing out of large cap defensives into midcap beta. TCS sharply cracked and went below 20DMA & is now at 50DMA. Likewise Dr Reddy broke below 20DMA. ITC also breached very imp level of 200DMA. Jubiliant food showed largest single day rally since Apr'10 which was closer to listing date after it announced 5% price hike. The Sensex and Nifty snapped a five-day winning streak on Tuesday, even as an increasing number of players were turning positive on India. The Sensex shed 264.57 points or 1.25 percent to close at 20974.79, and the Nifty fell 64.20 points or 1.02 percent to end at 6253.15.
Further, the market breadth closed slightly positive as nine stocks were seen advancing against eight declining stocks.
Further, the market breadth closed slightly positive as nine stocks were seen advancing against eight declining stocks.
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