Indices Continues With Selling Pressure

The Indian markets continue with selling pressure from last four consecutive trading sessions. Banking stocks were the real culprits in this present scenario. And it’s index closed below crucial support level, down by 273 points in today’s trade and closed below 22000 mark. While Capital Goods and Auto stocks also tanked by 325 points and 218 points respectively. As a result the Nifty closed down by 32 points at 8723 and the Sensex ended the day at 28883, down by 117 points.

The advance-decline ratio on NSE was on the negative side as the day ended with 1338 shares in green and 1571 shares in the red zone.

Top Nifty Gainers: Hindalco gained 4.06% in today’s trade, followed by Cairn India, Tata Power, Sesa Sterlite and Coal India.

Top Nifty Losers: Axis Bank closed the day lower by 4.77%, followed by BHEL, SBI, Tach Mahindra and Zee Entertain.

The sectoral indices closed on a mixed note. Capital Goods and Bankex stocks saw heavy amount of selling pressure and were down by 325 points and 273 points respectively. Followed by, Auto and Consumer Durables index also down 218 points and 121 points respectively. While Mid-Cap and Small-Caps closed in mixed territory. However Metals index saw a good up move by 214 points.

Major Asian markets closed the day on a positive note. Nikkei was up by 342 points. While Hang Seng and Taiwan closed in the positive territory, up by 124 points and 65 points respectively. While Shanghai Composite closed in the negative note in today’s session, down by 29 points.

Buzzer: Hindalco was up more than 4.06% on the bourses today and closed near the technical level of Rs 150. If the stock opens above this level, it may touch the Rs 155/160 mark in the next few sessions.

Nifty Future closed around its vital support level at 8750. Going ahead, 8680/8650 level will be the immediate support levels.