Markets keep investors on tenterhooks eventually closing in the red

The Indian markets saw a sell-off on higher ends, majorly in the mid-session. The banking stocks recovered some losses towards the end and finally dragged the benchmark on the negative side. The Nifty was down by 7 points to close the day at 7555 and Sensex closed at 24824, down by 45 points. Both the indices ended in the red by 0.10 and 0.18 percent. 

The advance–decline ratio ended on a negative side at the end of day. On the NSE, 1423 shares closed in the green, while 1265 shares ended the day in the red. 

Top 5 NSE Gainers: Adani Port closed the day with gains of 4.8% as the top gainer on the NSE, followed by Yes Bank, Coal India, ACC and Cipla. 

Top 5 NSE Losers: ICICI Bank ended the day as the top loser on the NSE, down by 5.6%, followed by SBI, Maruti Suzuki, Bank Of Baroda and Axis Bank. 

4 out of the 13 sectors ended on a negative note. Bankex was the top loser for the day, down by 246 points; Auto; and Oil & Gas were also down by 60 points and 23 points respectively. However Capital Goods and IT indices were the top gainers, up by 120 points and 61 points respectively. Mid-Caps, Small-Caps, Metal and FMCG also closed in the green territory.   

The Asian markets closed on a mixed note. Nikkei was the top gainer, up by 346 points. Hang Seng ended in red, declining by 87 points, while China’s Shanghai Composite and Straits Times indices ended on a negative note.

Buzzers: SBI closed around its 52-week low which is at Rs 171.50. Currently the stock is under pressure and if it breaks and closes below Rs 170 it may touch Rs 150. 

As we had mentioned in our last update that the level of 7500 is the pivot level. And later we have witnessed a handsome rally up to 7600. Going ahead 7650/7710 will be the immediate resistance levels.