Chinese dragons fire salvo, Indian markets feel the heat
DSIJ Intelligence / 07 Jan 2016
The Indian benchmark indices witnessed a heavy sell-off in mid-session. All the sectoral indices are surrounded by profit booking. Indices like Auto, Bankex, Capital Goods, Mid-Caps and Small-Caps were hit the most, and dragged the Nifty towards the lower end.
The Indian benchmark indices witnessed a heavy sell-off in mid-session. All the sectoral indices are surrounded by profit booking. Indices like Auto, Bankex, Capital Goods, Mid-Caps and Small-Caps were hit the most, and dragged the Nifty towards the lower end.Currently, the Nifty is down by 148 points at 7591 and the Sensex by 474 points at 24935. Both the indicators were down by more than 1.5 percent each.
The advance-decline ratio is on the negative side. On the NSE, 541 shares are in the green and 2128 shares are in red.
Top Nifty Gainers: Coal India is the only gainer so far up by 0.03%.
Top Nifty Losers: Cairn India is leading the losers list so far; down by 7.33%, followed by BHEL, Vedanta, Tata Motors and ONGC.
All the sectors were trading in red. Auto was the top loser down by 592 points, followed by Bankex. Mid-Caps and Small-Caps were down more than 300 points each. Healthcare; Oil & Gas; and FMCG also tumbled in this negative scenario, down by 250 points each.
The Asian markets were also trading on a negative note. The Hang Seng is down by 593 points. Followed by the Nikkei market, which was down by 423 points. The Straits Times and The KOSPI were trading under a nominal loss. While Shanghai Composite dropped by 245 points.
Buzzer:- Investors are not interested in putting fresh money into mid cap stocks. Most of the stocks crashed more than 3%. ABG Shipyard (5.8%), Anant Raj (6.2%), Advanta (4.3%), Allahabad bank (5.8%), Apollo Tyres (3.9%), Capital First (5.1%)
Nifty Future continued to slide down and broke its 7600 level, an indicator of more pain ahead.
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