Indices continue with profit booking trend Nifty below crucial 7300 mark
DSIJ Intelligence / 09 Feb 2016
Indian equity markets have been witnessing continuous downfall due to reigning profit booking trend and also weak global cues from last couple of trading sessions. On Tuesday, the most affected were the stocks of IT and auto, as they witnessed heavy selling and crashed around 300 points each. The Sensex ended the day at 24020 down by 266 points whereas the Nifty ended the day lower by 89 points at 7298.
Indian equity markets have been witnessing continuous downfall due to reigning profit booking trend and also weak global cues from last couple of trading sessions. On Tuesday, the most affected were the stocks of IT and auto, as they witnessed heavy selling and crashed around 300 points each. The Sensex ended the day at 24020 down by 266 points whereas the Nifty ended the day lower by 89 points at 7298.
The market breadth ended on a negative note at the end of the day. On the NSE, 830 shares closed in the green, while 1776 shares ended the day in red.
Top Nifty Gainers: Lupin was the highest gainer today and appreciated by 4.6%. It was followed by Sun Pharma, NTPC, ONGC and GAIL.
Top Nifty Losers: PNB closed the day lower by 6.9%. It was followed by Bank Of Baroda, Tech Mahindra, HCL Tech and Coal India.
Twelve of the 13 sectors ended the day with losses. IT was the top loser as it closed lower 373 points. Auto and metals also ended the day significantly lower, they lost out 296 points and 168 points, respectively. Bankex, capital goods, mid-caps and small-caps also were surrounded by a negative scenario.
On the contrary, Asian markets closed for today’s session. While the Nikkei lost by 918 points.
Buzzer: PNB down 6.9% on Tuesday as the bank posted net profit down by 723 crore and closed below the technical level of Rs 88, which is indicative of a more negative move ahead.
The Nifty closed below its crucial support level of 7300 today. If Nifty does not sustain above 7250 level, it may see more selloff ahead.
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