Bears Remain On The Upper Hand

The Indian markets have been surrounded by a negative scenario since the last couple of days and this trend was seen today as well. The global scenario has been clearly taking a massive toll on the domestic index. The Nifty tanked by 69 points to 7794 and the Sensex by 210 points to 25676. Both the indices opened down in the range of 0.80-0.90 percent.

The advance-decline ratio has been negative in the morning session today. On the NSE, 1053 shares are trading positively and 1305 shares are trading negatively.

Top Nifty Gainers: Sun Pharma is the top gainer for today’s morning session and is up by 3.9%. It is followed by Cairn India, Tata Steel, Tata Motors and Coal India.

Top Nifty Losers: Zee Entertain is the top loser for today’s morning session and is trading lower by 3.3%. It is followed by Bank Of Baroda, HDFC, Idea Cellular and M&M.

On the sectoral front, 11 out of the 13 sectors are trading in the red. Bankex was the top loser this morning as it lost out 204 points. It was followed by IT and Auto, which were down by 120 points and 113 points respectively. Mid-caps and small-caps also traded with a negative bias. They were down by 67 points and 23 points respectively, this morning.

The selling pressure seen in domestic markets is actually common across the globe. This can be validated by looking at the current trend in Asian markets. In Asia, the Nikkei is the top loser as it is trading lower by 435 points. It is followed by the Hang Seng , which is down by 211 points. The KOSPI, Shanghai Composite and the Straits Times too are trading with a negative bias.

Buzzers: Most of the banks have touched or, are trading near their 52 week low. The major banking names such as  SBI, Axis Bank, ICICI Bank, PNB, Dena Bank and Canara Bank have seen a heavy downfall lately.

Nifty futures have hit a low of 7811. If we sustain above this level, we might see a small recovery from the current level, which is around 7825.