Thursday, 12 December 2013

Closing Summary, Market Synopsis:

Closing Market Update:
The Indian benchmarks ended the day on a negative note on December 12, 2013. Slide in key indices below Monday's gap (election result day gap of 6320 in Nifty) accelerated the pace of selling further, bringing another round of profit booking largely across beta names (Banks, Metals, Cap Goods). Defensives continued to remain the flavor of market with Pharma, FMCG and IT outperforming for third day. However again selling was limited to large caps; BSE Mid & Smallcap outperformed sharply. This is the reason for no signs of visible panic in market. Shorts were getting active slowly pushing Nifty spread to +28 points from +36 points towards close. Volumes in last hour of slide expanded. BSE FMCG index was still taking resistance at 200DMA although it has been outperforming for third day. Tata Motors plunged sharply below 50DMA for first time in four months on large volumes. This selling also got percolated to other Auto names today pushing BSE Auto index towards its 50DMA. Selling in Ambuja continued for third day now making it slide below 200DMA. Likewise after breaking below 200DMA, ONGC continued to slide sharply.

Further, the market breadth closed negative as three stocks were seen advancing against four declining stocks.

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