Indices Falls, Bankex Dips Over 1.5%

The Indian markets have been seeing a continuous fall since the morning session. There is no short covering taking place in the current scenario. Majority of banking stocks are surrounded under massive amount of selling pressure. As a result the bank index is down by 1.5 percent. The Nifty has lost 44 points to trade at 8565 and Sensex is down 129 points at 28333. The indices are trading lower between 0.46 -0.52 percent.

However the advance-decline ratio is on the positive side. On the NSE, 1363 shares are in the green and 1169 shares are in red.

Top 5 Nifty Gainers: Hindalco is leading the gainers list so far, and is up by 1.5%. BPCL, M&M, Dr. Reddy’s Labs and Bharti Airtel are also trading higher.

Top 5 Nifty Losers: PNB is down by 2.8%, followed by ACC, Ultra tech Cement, Bank of Baroda and Tata power.

The sectoral indices have moved into the red zone. Bankex was the top loser, and is down by 265 points. Capital Goods and Metals were down in the range of 50 points and FMCG have dipped 22 points. However, the Mid-Caps and Small-Caps have sustaining in positive territory.

In the Asian markets, Nikkei is the top gainer, up by 50 points. On the other side, Hang Seng is nominally up by 10 points. KOSPI and Taiwan are trading on a negative note.

Buzzer: PNB: The stock turned volatile after witnessed selling in banking space, and hit an intraday a low of Rs 140. If it closes below this level may see more negative moves. 

The Nifty futures have fallen below the 8600 level and trading around its crucial support level of 8580. If it breaks this level it may continue with the negative scenario.