Nifty Remains In Selling Pressure
Suparna / 27 May 2014
Markets closed the day in the negative territory today as investors turned cautious and booked profit. GAIL, BHEL, PNB and SBI were some of the top losers on the bourses. Nifty index closed down by 41 points at 7318 and Sensex was negative by 167 points at 24549. Auto stocks were hammered and went down by 193 points.
The Indian markets were under continuous selling pressure with profit booking scenario taking place from the opening session. Most of the selling was seen in Auto, Banking, PSU’s and Mid-Cap sector. Nifty closed lower by 41 points at 7318 and Sensex was down by 167 points at 24549.
The advance-decline ratio on NSE was negative, as the day ended with 1543 shares in green and 1965 shares in the red zone.
Top Nifty Gainers: Jindal Steel gained 5.96% in today’s trade, followed by Tech Mahindra, Tata Steel, Hindalco and UltraTech Cement.
Top Nifty Losers: GAIL closed the day lower by 7.53%, followed by BHEL, PNB, Bank Baroda and SBI.
Most of the sectoral indices closed on a positive note. Auto stocks got hammered in today’s trading session and went down by 193 points. It was followed by Oil & Gas, Bankex, Mid-Caps and Small-Caps which were also caught in profit booking move around 150 points each. IT and Heath Care closed in positive territory up around 25 points each.
All the major Asian markets also had a good run on the bourses today and ended the day in the green territory. The Nikkei market closed up by 34 points, while Hang Seng witnessed flattish move by -18 points. KOSPI and Shanghai Composite closed on the positive note.
Buzzer: BHEL was down by more than 5% on the bourses today and closed below the technical level of Rs 250. If the stock opens below this level, it may touch the Rs 240/225 mark in the next few sessions.
Nifty future closed around technical level of 7313. Going ahead the level of 7280/7250 will be the vital support levels going ahead.
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