Bears On A Rampage On D-Street
DSIJ Intelligence / 23 Feb 2016
The Indian markets saw a landslide fall on low union budget expectations and the negative scenario of the Asian markets as well as European ones. For this perpendicular fall, major culprits were the banking index as stocks like Bank Of Baroda, SBI, ICICI Bank, Axis Bank and PNB got hammered badly. As a result, the Nifty index wiped out three days gains to end 125 points down and Sensex closed 378 points lower at 23410.
The Indian markets saw a landslide fall on low union budget expectations and the negative scenario of the Asian markets as well as European ones. For this perpendicular fall, major culprits were the banking index as stocks like Bank Of Baroda, SBI, ICICI Bank, Axis Bank and PNB got hammered badly. As a result, the Nifty index wiped out three days gains to end 125 points down and Sensex closed 378 points lower at 23410. Both the indices tanked more than 1.5 percent. All the sectorial indices closed on red mark.
The advance-decline ratio ended on the negative side on Tuesday. On NSE, 716 shares closed in green, while 1885 shares were in the red.
Top Nifty Gainers: Asian Paints stayed on top of the index for today, up by 0.2, and ONGC higher by 0.09 %.
Top Nifty Losers: Bank Of Baroda closed the day as the top loser, down by 4.5%, followed by Cairn India, Coal India, SBI and PNB.
The sectoral indices all closed in the red. Bankex was the top loser, down by 461 points. Auto and Capital Goods lost 238 points and 203 points respectively. Both Oil & Gas, Healthcare and Consumer Durables also crashed more than 150 points. Mid-Caps and Small-Caps dipped by 144 points and 123 points for the day.
The Asian markets closed on a negative note today. Nikkei was the top loser, down by 59 points and Hang Seng closed negative by 49 points. Shanghai Weighted and KOSPI also ended lower.
Buzzer: Bank Of Baroda was the strongest loser among the 50 NSE stocks. The scrip made a low of Rs 132.35, and closed at Rs 134, if it’s sustenance below Rs 135 mark may see new 52 week low.
The Nifty Futures have given a bearish pattern on the daily chart after closed below 7150 mark. May see more pain ahead.
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