The Indian benchmarks ended the day on a weak note on November 8, 2013. Indexes remained under selling pressure through out this week. Banks witnessed big round of selling as INR continued to weaken for third day. Banks have been major pressure point for markets besides other high beta names. On other hand defensives continued to outperform for third day as players now again started moving out from beta into defensives. Metal was only beta which was holding well despite the market weakness. Nifty & Bank Nifty both broke below 20DMA puncturing the uptrend. Nifty spread remained firm between +40 to +50 points despite the sell-off indicating more intense selling in cash markets. Besides Banks, Auto was another sector where some major supply was visible since past four days. Now the index reached first crucial support of 20DMA. Tata Motors broke below 20DMA first time since 300 levels in Aug'13. M&M cracked below 200DMA & remained weakest Auto name. Cement continued to bleed. Supply in Ambuja cements continued after it cracked below 200DMA few days back. Tech Mahindra rallied sharply on strong results & news of addition in MSCI. The Sensex sheds 156.62 points to close at 20666.15 while the Nifty ended at 6140.75, down 46.50 points.
Further, the market breadth closed slightly negative as six stocks were seen advancing against seven declining stocks.
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