Indices Witnessed Perpendicular Fall, Bankex Tank By 6%

Indian markets witnessed perpendicular fall in today’s trade. Bankex stocks like SBI, ICICI Bank, Bank Of Baroda and Federal Bank were hammered badly and dipped more than 4% each. While, Metals, Healthcare, Mid-Caps & Small-Caps also dives more than 300 points each. As a result the Nifty tumbled by 152 points and closed at 8067 and Sensex closed 538 point down at 26781.

The advance-decline ratio on NSE was on the negative side as the day ended with 543 shares in green and 2329 shares in the red zone.

Top Nifty Gainers: HCL Tech gained 5.03% in today’s trade, followed by TCS, BPCL, Tech Mahindra and Infosys.

Top Nifty Losers: Sesa Sterlite closed the day lower by 7.34%, followed by Dr Reddy’s Labs, Hindalco, Bank Of Baroda and SBI.

Apart from the IT all the sectoral indices closed on a negative note. Bankex stocks were main culprits and dragged the frontline indices on the lower side, down by 612 points. Followed by Metals, HealthCare, Mid-Caps and Small-Caps also were closed in negative territory down more than 300 points each. Auto and Capital Goods also were hammered by 299 points and 250 points respectively. However only IT closed in positive territory as rupee shown some weakness, and moved to 63 mark against USD.    

All the major Asian markets closed the day on a negative note. The Hang Seng index witnessed negative closing by 357 points, followed by Nikkei closed in down by 344 points. While KOSPI and Taiwan Index closed in negative territory.

Buzzer: Sesa Sterlite was down by more than 7% 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 190/180 mark in the next few sessions.

Nifty Future had a bearish break down in daily as well as intraday chart as it’s closed below 8150 mark. Looking at the current scenario index may see 8000 level soon.