Bears on a rampage on D-Street: Small-caps opt for a nosedive
DSIJ Intelligence / 18 Jan 2016
The Indian markets seemed to know only one direction from last few trading sessions, i.e. downward, leaving investors and market watchers awestruck. The Nifty index ended at 7351, down by 86 points; and Sensex closed 266 points lower at 24188. The Asian markets also closed in the red.
The Indian markets seemed to know only one direction from last few trading sessions, i.e. downward, leaving investors and market watchers awestruck. The Nifty index ended at 7351, down by 86 points; and Sensex closed 266 points lower at 24188. The Asian markets also closed in the red.
The advance-decline ratio ended on the negative side today. On the NSE, 330 shares closed in green, while 2395 shares were in the red.
Top Nifty Gainers: BHEL stayed on top of the index for today, up by 4.1%. Tata Steel, GAIL, Ultra tech Cement and Wipro also closed higher.
Top Nifty Losers: Cairn India closed the day as the top loser, down by 7.4%, followed by Vedanta, Reliance, BPCL and Asian Paints.
The sectoral indices all closed in the red. Healthcare and Oil & Gas were the top losers, down by 300 points. Bankex, Capital Goods, Auto and Mid-Caps also lost more than 250 points each. Consumer Durables, FMCG and Metals were also down in the range of 50 points-100 points. While Small-Caps were hammered the most as the sector saw a perpendicular fall by 437 points.
The Asian markets closed on a negative note today. Hang Seng was the top loser, down by 283 points and Nikkei closed negative by 191 points. Straits Times and Kospi also ended lower.
Buzzer: Cairn India was the strongest loser among the 50 NSE stocks. The scrip touched a low of Rs 110, and closed at same level. Going ahead the technical level of Rs 100 will be the vital support level.
The Nifty Futures have displayed a bearish pattern on the weekly chart, indicating a further decline.
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