Rail Budget Triggers Profit Booking

The Indian market witnessed heavy profit booking in today’s trading session. All the sectoral indices saw selling with no respite in closing buzz. Also Rail stocks like Kalindee Rail, Texmaco, Kernex Micro and Titagarh Wagons saw perpendicular fall. As a result, the Nifty saw a down move by 163 points at 7623 and Sensex was down by 517 points at 25582.

The advance-decline ratio on NSE was negative, as the day ended with 1080 shares in green and 2518 shares in the red zone.

Top Nifty Gainers: Sun Pharma gained 0.35% in today’s trade, followed by ITC, HDFC and Kotak Mahindra.

Top Nifty Losers: BHEL closed the day lower by 8.29%, followed by DLF, Power Grid Corporation, Jindal Steel and NTPC.

All the sectoral indices closed on a negative note. Capital Goods stocks witnessed perpendicular fall in today’s trading session and went down by around 800 points. Auto, Metals, Bankex and Oil & Gas also saw downtrend of more than 300 points each, while Mid-Caps and Small-Caps closed on the negative side.

All the major Asian markets had a mixed session on the bourses today and ended the day in the positive territory. The Nikkei market witnessed down move by 65 points, the Hang Seng market closed nominally up, while Taiwan and Straits Times closed on the positive side.    

Buzzer: BHEL was down by more than 8% on the bourses today and closed down at the technical level of Rs 250. If the stock opens below this level, it may touch Rs 235/222 mark in the next few sessions.

Nifty future closed below the technical level of 7650. If it opens below the level of 7600, we may see more profit booking.