Bears On the Upper Hand, Bankex Sink.

In todays session, the Indian stock markets were surrounded under massive amount of selling pressures and witnessed a perpendicular fall on closing buzz. The Bankex stocks were the real culprits, as Banks like ICICI Bank, Axis Bank and Yes Bank tanked around 4 per cent each and index failed by 681 points. Most of the sectoral indices were hammered badly and draged the benchmarks on the lower side. The nifty broke all the crucial supports, down by 181 points and closed at 8756 level, while Sensex was down by 604 points and closed at 28844 level.

The advance-decline ratio on NSE was a negative side, as the day ended with 981 shares in green and 1892 shares in the red zone.

Top Nifty Gainers: Jindal Steel closed the day higher by 4.91 per cent, followed by HUL, Lupin, Dr Reddys Labs and NMDC.

Top Nifty Losers: Sesa Sterlite closed the day lower by 5.26 per cent, followed by Hindalco, BHEL, ICICI Bank and GAIL.

The sectoral indices were negative in today’s session. Bankex stocks saw a perpendicular fall, down by 681 points. Capital Goods stocks down more than 502 points. IT and Auto continue with the negative trend, down more than 200 points each. Mid-Caps and Small-Caps closed in negative territory, down by more than 100 points. However, only Healthcare index manged to close in green territory, up by 51 points.   

The Asian markets also closed in negative note. The Nikkei market was down by 180 points and Taiwan market was down by 82 points. The Hang Seng and KOSPI closed with some marginal loss by 40 points and 20 points respectively.   

Buzzer: Sesa Sterlite was down by more than 5.26 per cent on the bourses today and closed down at the technical level of around Rs 200. If the stock opens below this level, it may touch Rs 188/175 mark in the next few sessions.

Nifty Futures witnessed a bearish breakaway in intraday chart as it closed below 8800 level. If index remains below this level, then more painful scenario can be see.