Bulls have been thrown out of the ring: Nifty below 7500 mark
DSIJ Intelligence / 02 Feb 2016
After the RBI kept repo rate, CRR and SLR unchanged, which was its first bi-month policy of FY16, the Indian markets witnessed some disappointment on the higher note. Indices lacked momentum and had a perpendicular fall on the closing buzz. The Nifty ended lower by 100 points at 7455; and Sensex was 285 points down at 24539. The indices ended in the red more than 1 percent each. All the sectorial indices closed in the negative territory.
After the RBI kept repo rate, CRR and SLR unchanged, which was its first bi-month policy of FY16, the Indian markets witnessed some disappointment on the higher note. Indices lacked momentum and had a perpendicular fall on the closing buzz. The Nifty ended lower by 100 points at 7455; and Sensex was 285 points down at 24539. The indices ended in the red more than 1 percent each. All the sectorial indices closed in the negative territory.
The advance-decline ratio ended on the negative side. On the NSE, 860 shares closed in the green, while 1840 shares ended the day in the red.
Top 5 Nifty Gainers: Bharti Airtel closed the day with the highest gains of 1.8%. Bajaj Auto, Lupin, Infosys and Grasim are the others in line.
Top 5 Nifty Losers: Vedanta remained the strongest loser, down by 7.8%, followed by Tata Steel, Cairn India, Tech Mahindra and NTPC.
13 out of the 13 sectors traded in the red. Healthcare was the top loser, down by 399. Bankex and Metals also dragged the markets down by 300 points each. Auto and Oil & gas also dipped by 250 points. While Consumer Durables, Capital Goods, Mid-Caps and Small-Caps were down around 200 points.
The Asian markets also closed the day on a negative note. The Hang Seng market closed as the top loser, down by 148 points. Nikkei market was also in thw negative, down by 114 points. KOSPI and Taiwan ended with a marginal loss.
Buzzer: Vedanta the stock declined by 7.8% below the vital technical support of Rs 65. If the stock sustains below this level, it may see the level of Rs 58-Rs 55 soon.
The Nifty has fallen and closed below 7500. If it sustains below this level, a bearish scenario may ensue.
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