Another Disappointing Day, Rupee Tumbles

The Indian markets faced another disappointing day, with most of the stocks closing around their 52-week lows. Looking at the currency sentiments, INR also slipped and was trading around 64 per USD, which is the vital support level for further trade. The Nifty ended lower by 21 points at 8022 and Sensex was 41 points down at 26481. The indices ended in the red by 0.16-0.21 per cent respectively.

The advance-decline ratio ended on the negative side. On the NSE, 1058 shares closed in green, while 1581 shares ended the day in the red.

Top 5 Nifty Gainers: Vedanta closed the day with the highest gains of 3.11%. Hindalco, ICICI Bank, Tata Power and Ambuja Cement also ended in gains.

Top 5 Nifty Losers: Cairn India remained the strongest loser, down by 4.34%, followed by Cipla, Bosch, DrReddys Labs and Sun Pharma.

10 out of the 13 sectors traded in the red. Healthcare was the top loser, down by 222. Auto and IT also dragged the markets down by 131 points and 74 points respectively. Capital Goods, Mid-Caps and Small Caps remained in the negative zone. However Consumer Durables, Metals and Bank exprovided good support and were up more than 50 points each.    

The Asian markets closed on a weaker footing. The Nikkei markets showed no sign of recovery and was down by 360 points. Hang Seng market was also surrounded in the negative sentiments, down by 326 points. KOSPI and Straits Times ended with marginal loss.

Buzzer: Vedanta, the stock moved up by 3% after the merger with Cairn India. The scrip made a high at Rs 184. Going ahead if it sustains above Rs 185 then it may touch Rs 200 in next 4 to 5 trading sessions.    

The Nifty future took vital support at the technical level of 8000. If the index opens below this level, it may continue with more profit booking.