Markets closed lower; Bank Nifty underperformed
Markets ended its winning streak of eight consecutive trading session as across the board profit booking weighed in. Large cap stocks witnessed selling pressure with banking stocks among the top underperformers.
Bank Nifty index underperformed the Nifty index by ~1.5% with both the indices closing lower by ~0.5%/2% gains. Nifty FMCG index closed ~1.5% higher with its major heavyweights like HUL & ITC adding fresh long positions, to close at intraday highs.
The Nifty Midcap 100 index gained ~0.6%. Market breadth ended in the favour of the advances with the advance/decline ratio closing at 2:1x. Nifty & Bank Nifty index saw an unwinding of long positions during the day.
On the options front (November 19, 2020 expiry), across the board option writing positions were formed in Nifty options as the index traded in a narrow trading band.