Another disappointing day. Rupee depreciates further

Indian stock markets faced another disappointing day, with most of the stocks seeing their 52-week lows. The banking stocks like IDBI, PNB, SBI, ICICI Bank and Axis Bank were hammered badly and Bankex drifted lower by 482 points. The Nifty ended lower by 99 points at 7437; and Sensex was 317 points down at 24455. The indices ended in the red, down by 1.28- 1.30 percent respectively.

The advance-decline ratio ended on the negative side. On the NSE, 405 shares closed in green; while 2267 shares ended the day in the red.

Top 5 Nifty Gainers: BPCL closed the day with the highest gains of 2.55%.Tech Mahindra, HCL Tech, Reliance and Dr Reddy’s Labs are the others who witnessed gains.

Top 5 Nifty Losers: Vedanta remained the strongest loser, down by 8.1%, followed by GAIL, SBI, PNB and Cairn India.

12 out of the 13 sectors traded in the red. Bankex was the top loser, down by 482. Capital goods, Auto and Healthcare also dragged the markets down around 300 points each. Mid-caps and Small-Caps also snapped by 280 points and 348 points respectively.

The Asian markets closed a strong trading day on a negative note. The Hang Seng market closed as the top loser, down by 296 points. Nikkei market was also in negative, down by 93 points. KOSPI and Shanghai Composite ended with a marginal loss.

Buzzer: Majority of the banking stocks touched a new 52 week low. SBI (Rs181); ICICI Bank ( Rs 221.75);Dena Bank (Rs 36.50); PNB ( Rs 91.25); Allahabad Bank ( Rs 52.30);Canara Bank ( Rs 178); Bank Of Baroda ( Rs 124.60),;Bank Of India ( Rs 92.65).

The USD-INR Futures continued to move up and is looking to close above 67.50 mark.

The Nifty has fallen and closed below 7450. If it sustains below this level, a bearish scenario may continue.