Markets Falls After Positive Opening

The Indian equity market opened in positive after witnessing massive selling in today’s morning trade. However, the Indian market could not sustain its high, following basket selling by FIIs. As a result, the Nifty is currently down by 62 points at 8062 and Sensex is 201 points lower at 26639. Both indices opened down in the range of 0.75-0.78 per cent.

The advance-decline ratio is negative in the morning session. On the NSE, 893 shares are trading in trading with gains and 1069 shares are trading in down.

Top 5 Nifty Gainers: BPCL is the top gainer for the morning session, up by 1.4%, followed by HUL, Sun Pharma, Zee Entertain and Vedanta.

Top 5 Nifty Losers: Tata Steel is the strongest loser so far, down by 2.14%. Tata motors, Idea Cellular, Cairn India and SBI are among the others trading lower.

All the sectoral indices are in negatives. Auto and Bankex were down by a whopping around 200 points each. IT, Capital Good, Metals and Consumer Durables all indices dropped more than 50 points. Mid-Caps and Small-Caps also were down by 34 points and 10 points respectively.

The other Asian markets, on the other hand, are in the green. The Nikkei market is the highest gainer for the morning session, up 296 points. Hang Seng is up 248 points. The Taiwan and KOSPI market also trading in positive territory.

Buzzers: Tata Motors has crashed by 2.3%. The scrip has broken all the vital supports and trading around it 52-week low which is Rs 429.

The Nifty has trading around its crucial support level of 8000. Its its breaks and sustain below this level may see more painful scenario.