Bears Maintain Their Grip

The bears have been hammering the indices from morning session and the benchmark indices witnessed a deep cut in the closing session today. All the sectoral indices closed in negative territory. Consumer Durables and Healthcare index were the top losers of the day, down around 200 points each. The Nifty ended lower by 70 points at 8044 and Sensex was 245 points down at 26523. The indices lost in the range of 0.87 -0.92 per cent.

The advance-decline ratio ended on the negative side. On the NSE, 790 shares closed in green, while 1848 shares ended the day in the red.

Top 5 Nifty Gainers: NMDC closed the day with top gains, up by 1.29%. Bajaj Auto, Tata Motors, Tata Power, Axis Bank and Power Grid were among the others that closed higher.

Top 5 Nifty Losers: PNB was down by 3.76%, followed by Cairn India, Vedanta, Tata Steel and Bank Of Baroda.

All of the sectoral indices ended in the red. Consumer Durabales and Healthcare were the top losers, down around by 200 points each. Auto, Bankex, Metals, Mid-caps and Small-caps also dropped more than 150 points. Oil & Gas, IT And FMCG also closed in negative terrain.

The Asian markets, though, closed on a mixed note. The Shanghai Composite was the strongest gainer, up 108 points, and Hang Seng was up 56 points. Whereas, Nikkei and Strait Time closed with nominal negative note.  

Buzzer: Cairn India stock has dived around 3.3 per cent and is trading below its vital support level around 185. If the stock stays below this level, it may touch Rs 174/169 mark in the next few sessions.

The Nifty has broken and closed below its strong support of 8050 on closing basis. If the index opens below this level tomorrow, it may well trade below the 8000 level.