Worst day of 2016 in the stock markets as Nifty closes below 7k, Sensex below 23k

The Indian markets nosedived in Thursday’s session without a single sign of recovery till the closing of the session. Sensex fell by more than 807 points and ended at 22951. The Nifty ended down by 239 points to close at 6976 level. Both the indices closed down by more than 3% each.

The advance-decline ratio was negative in the closing session. On the NSE, 337 shares closed in green, while 2347 shares ended the day in red. 

Top 5 Nifty Gainers: Cipla closed the day as the top gainer on the NSE, which managed to close in green on a flat note with a gain of mere 0.8%. It is followed by Bharti Airtel and Dr Reddys labs that were the others which closed the day on a positive note. 

Top 5 Nifty Losers: Vedanta was the top loser, down by 7.3%, followed by Tata Motors, BHEL, Adani Port and ONGC. 

The broader indices too witnessed a free fall. Bank Nifty was the top loser for the day, as it lost 629 points. It is followed by the Auto and Capital Goods indices which fell by over 571 points and 429 points respectively. Also Oil & Gas, IT, Healthcare and Consumer Durables saw fall of more than 300 points each. Mid-Caps and Small-Caps ended on a negative note, down by 327 points and 476 points respectively. 

On the Asian front, Hang Seng ended the day lower by 742 points followed by Strait Times which closed in red, down by 43 points. Taiwan and Nikkei markets were closed for today’s session.

Buzzers: Most of the heavyweights crashed by more than 4% in today’s trade. HDFC was down by 7.8%; followed by Adani Port (-7.8%); Hindalco (-4.7%); Power Grid (-4.64%); HDFC (-4.4%); Axis Bank(-4.1%); GAIL(-4.03%);Reliance (-3.9%);ICICI Bank (-3.8%);Maruti Suzuki (-3.7%). 

The Bank Nifty hit new one year low of 13956 and closed at 14015.

The Nifty Future closed below the technical level of 7000 which is a negative indicator for further trading sessions.