Indices Witness Perpendicular Fall
Suparna / 13 Jun 2014
Indian markets today witnessed a perpendicular fall as the indices tanked down due to unfavourable global cues and escalating violence in Iraq. Metals and Bankex were the biggest losers on bourses today, which slipped down by more than 400 points. The 50 share Nifty index closed the day down by 107 points at 7542 and BSE 30 was down by 348 points to trade at 25228.
The Indian markets witnessed a perpendicular fall after today’s mid-session. The Tsunami came due to Iraq’s uncertain scenario. Apart from IT, most of the sectoral indices were broken down and closed below their vital support levels. The Nifty index ended lower by 107 points at 7542 and Sensex closed down by 348 points at 25228.
The advance-decline ratio on NSE was on the negative side as the day ended with 1190 shares in green and 2387 shares in the red zone.
Top Nifty Gainers: HCL Tech gained 2.29% in today’s trade, followed by Tech Mahindra, HUL, Dr Reddy’s Labs and Infosys.
Top Nifty Losers: DLF closed the day lower by 8.12%, followed by BPCL, Hero Motocorp, NMDC and Axis Bank.
Most of the sectoral indices closed on a negative note. Metals and Bankex washed away their gains by 400 points. Auto, Oil, Mid-Caps and Small-Caps also went down by around 250 points each. However, only IT sector remained steady in this bearish scenario.
All the major Asian markets closed the day on a negative note. Hang Seng closed up by 144 points, whereas Taiwan Index and KOSPI Index closed down by 10 points each. Shanghai Composite closed in the positive territory. Nikkei closed up by 124 points.
Buzzer: DLF was down by more than 8% on the bourses today and closed near the technical level of Rs 200. If the stock opens below this level, it may touch the Rs 185/175 mark in the next few sessions.
Nifty Future broke its crucial support level and also closed below the technical level of 7600, which is a bearish signal for further trading sessions.
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