Bears maintain their grip

On April 07,2016, the bears have taken the charge and the Indian markets witnessed a deep cut in the closing session today. Auto, Bankex and Consumer Durables indices were surrounded by a negative scenario and respective stocks closed below their vital support level. The Nifty ended lower by 67 points at 7546; and Sensex was 215 points down at 24685. The indices lost 0.86-0.89 per cent each.

The advance-decline ratio ended on the negative side. On the NSE, 1116 shares closed in green; while 1447 shares ended the day in the red.

Top 5 Nifty Gainers: BHEL closed the day with the top gains, up by 4.7%. Coal India, Lupin, Dr Reddy's Labs and Aurobindo Pharma were among the others that closed higher.

Top 5 Nifty Losers: Tata Power was down by 3.91%, followed by Adani Port, Maruti Suzuki, HDFC and L&T.

Most of the sectoral indices ended in the red. Consumer Durables was the top loser, down by 237 points; Auto dropped 206 points; Bankex was 122 points lower; and FMCG lost 89 points. Mid-Caps and Small-Caps were both down by more than 40 points. However Healthcare; and Oil & Gas closed in positive territory.

The Asian markets closed on a positive note. The Hang Seng was the strongest gainer, up 59 points, and Nikkei was up 34 points. Straits Times and KOSPI were closed nominally positive. On the other hand Taiwan and Shanghai Composite closed in negative territory.

Buzzer: BPCL plummeted by over 8%. The stock made a new 52-week low of Rs 307.40 in today’s session.

The Nifty has broken and closed below its strong support of 5780. If the index opens below this level for tomorrow’s session, it may touch 5700.