Indices Plunge, Nifty Drop Below 8700

The Indian stock markets witnessed massive amount of volatility in today’s trade, ahead of Railway Budget as well as F&O expiry session. The indices saw a deep cut after mid-session and ended below crucial support levels. All the sectoral indices have been hammered badly, Auto Bankex and Capital Goods were major culprits, and were down around 200 points each. The Nifty index closed down by 83 points, while Sensex was down by 261 points at 28746 level at the closing bell.

The advance-decline ratio on NSE was a negative side, as the day ended with 1074 shares in green and 1759 shares in the red zone.

Top Nifty Gainers: NTPC closed the day higher by 5.00 per cent, followed DLF, Lupin, Cairn India and GAIL.

Top Nifty Losers: BHEL closed the day lower by 3.56 per cent, followed by Bank Of Baroda, Sun Pharma, Asian Paints and IDFC.

A part of the Oil & Gas all the sectoral indices were negative in today’s session. Auto and Capital Goods stocks tanked, and were down by 280 points and 227 points respectively. While Bankex, Healthcare and IT stocks ended with the profit booking session, and were down around 180 points each. Metals, Mid-Caps and Small-Caps index were closed below their support level, down by 100 points each. Only Oil & Gas index closed on the marginal gains up by 3 points.

Most the Asian markets ended on positive scenario. The Nikkei market saw handsome move, up by 200 points. The Hang Seng and Shanghai Composite markets closed up by 123 points and 70 points respectively. However Taiwan closed on a negative note, down by 77 points.

Buzzer: BHEL was down by more than 3.56 per cent on the bourses today and closed down at the technical level around Rs 265. If the stock opens below this level, it may touch Rs 260/250 mark in the next few sessions.

Nifty Futures broke all the major support and closed below the technical level of 8700. It may see more painful scenario if it sustains below this level.