Bears Maintain Their Grip

The bears have been hammering the indices from yesterday’s closing hour and the Indian markets continued to witness a deep cut in today’s session as well. The Nifty ended lower by 63 points closing at 8462 and Sensex was 235 points down at 27866. The indices lost 0.75-0.85  percent.

The advance-decline ratio ended on the negative side. On the NSE, 1001 shares closed in green, while 1894 shares ended the day in the red.

Top 5 Nifty Gainers: Infosys closed the day with top gains, up by 2.13%. Bosch, Tech Mahindra, Zee Entertain and TCS were among the others that closed higher.

Top 5 Nifty Losers: Tata Steel was down by 5.45%, followed by SBI, Tata Motors, Hindalco  and Coal India.

Most of the sectoral indices ended in the red. Bankex and Metals were the top losers, down around 300 points, Auto and Capital Goods also dropped around 200 points each, Oil & Gas, Mid-caps and Small-Caps ended 100 points lower while Consumer Durables and FMCG lost 45 points each. However IT ended on the higher note, up by 153 points.

The Asian markets, also closed on a negative note. The Nikkei was the top loser, down 87 points, and Hang Seng was down by 22 points. Straits Times and Taiwan also closed on negative territory.

Buzzer: Tata Steel plummeted by over 5% on Q1 earning which is down by 44.95 percent at 1248 CR yoy basis. If the stock sustains below this level may see more downward moves.

The Nifty has broken and closed below its strong support of 8500. If the index opens below this level for tomorrow’s session, it is slated to touch the 8440/8390 levels.