Nifty, Sensex witness profit booking, Auto tanks by 1.4 %

At ending of second week of September, the Indian markets witnessed heavy profit booking. The indices like Auto, Banks, Mid-caps and Small-caps dragged the indices on lower ends. The Nifty closed down by 85 points at 8866 level and the Sensex was down by 248 points at 28797 level. Both the indices closed on negative note, down around 0.9 per cent each.

The advance-decline ratio was on the negative side at the closing session. On the NSE, 9 shares closed in green, while 42 shares ended the day in red.

Top 5 Nifty Gainers: ONGC was top gainer with 3.5% gains, followed by GAIL, TCS, Wipro and Reliance.

Top 5 Nifty Losers: Hindalco was top loser with loss of 4.1%, followed by Yes Bank, Ultra Tech Cement, Axis Bank and Heromotoco.

In today’s trading session the majority of the sectors closed on the red mark. Auto and Bankex were top losers, and closed down by 343 points and 236 points respectively. While FMCG, Consumer Durables, Metals, Mid-caps and Small-caps also closed on negative note more than 100 points each. However IT and Oil & Gas closed in green territory.

The Asian markets were quoting in the mix. Japan’s Nikkei was positive, and closed nominally up by 6 points.  Hong Kong’s Hang-Seng was up by 180 points, while Taiwan and KOSPI closed on the negative mark.

European markets were also trading in negative scenario.

Derivative Analysis

Nifty closed at 8900 level, going ahead 8830/8770 will be the vital supports.