Indices Witness Unexpected Fall, Iraq Crisis In Focus
Suparna / 18 Jun 2014
Indian markets today came under heavy selling pressure amid rising violent tension in one of Iraq’s largest oil refinery. Most of the sectoral indices traded in the negative zone. At the closing bell Nifty index was lower by 73 points at 7558 and Sensex was down by 274 points at 25246.
After a positive opening session Indices witnessed a sudden fall after news came from Iraq that militants have attacked a major oil refinery. Bankex, Oil & Gas, Auto and Metal were sector saw heavy profit booking. As a result the Nifty saw a down move by 73 points at 7558 and Sensex was down by 274 points at 25246.
The advance-decline ratio on NSE was negative, as the day ended with 1653 shares in green and 1901 shares in the red zone.
Top Nifty Gainers: Cipla gained 2.94% in today’s trade, followed by Hindalco, Kotak Mahindra Bank, Lupin and United Spirits.
Top Nifty Losers: BPCL closed the day lower by 3.04%, followed by IDFC, BHEL, Sun Pharma and NMDC.
Most of the sectoral indices closed on a negative note. Bankex and Oil & Gas stocks witnessed a selling in today’s trading session and went down by 188 points and 166 points respectively. It was followed by Metals and Auto that also saw a downward move around 100 points each. While Mid-Caps and Small-Caps closed on the negative side. Only Heath Care witnessed a nominal positive trade.
All the major Asian markets had a positive session on the bourses today and ended the day in the positive territory. The Nikkei market closed up by 139 points, while Hang Seng witnessed negative move by 21 points, KOSPI and Shanghai Composite closed on the negative side as well.
Buzzer: Cipla was up by more than 2.9% on the bourses today and closed up at the technical level of Rs 425. If the stock opens above this level, it may touch Rs 450/475 mark in the next few sessions.
Nifty future has an immediate vital support around 7500. If it sustains and trades below this level may see more profit booking up to 7440/7380 levels.
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