Market Nosedive, GAIL Down By 4.3%

The Indian markets continued with their southward movement even in today’s session. Capital Goods, Consumer Durables and Oil & Gas index were tanked after today’s mid-session. As a result the Nifty closed below crucial support level, down by 68 point at 8224 and Sensex down by 251 points at 27350 at closing bell.

The advance-decline ratio on NSE was negative side, as the day ended with 921 shares in green and 1988 shares in the red zone.

Top Nifty Gainers: Bharti Airtel gained 1.35% in today’s trade, followed by Ambuja Cement, Maruti Suzuki, Ultratech Cement and Sun Pharma.

Top Nifty Losers: GAIL closed the day lower by 4.39%, followed by Tata Steel, Cairn India, ONGC and Sesa Sterlite.

Most of the sectoral indices were negative in today’s session. Capital Goods stocks witnessed big fall in today’s session and was down by 310 points. Followed by Oil & Gas and Consumer Durables stocks that saw down move of more than 200 points each. While Bankex, Mid-Caps and Small-Caps stocks were closed in negative note. However, only HealthCare index witnessed some strength and was up by 27 points in today’s trade.   

The Asian markets had positive session on the bourses today. The Nikkei saw up move of 114 points, while Taiwan and KOSPI also closed on positive note. The Hang-Seng Index hammered the most and was down by 63 points.       

Buzzer: Gail was down by more than 4.3% on the bourses today and closed down at the technical level around Rs 425. If the stock opens below this level, it may touch Rs 415/400 mark in the next few sessions.

Nifty future closed below its crucial support level which was around 8300. If index open below this level may see more downward movement.