Bears send market gurus in a tizzy: markets shed heavily

The Indian markets lost their shine on seventh straight trading session. The markets closed below crucial levels of 8000. All sectoral indices closed in red. BSE Sensex and Nifty indices closed about 1 per cent on the downside. At closing bell, the Nifty ended 82 points lower at 7979 and the BSE Sensex decreased 263 points to close at 25979.

The advance-decline ratio stood negative in the closing session. On the NSE, 8 shares closed in green, while 43 shares ended the day in red.

Metals, Bank Nifty, Consumer Durables and Healthcare dropped more than 200 points each. Auto, Oil & Gas reduced by 100 points each. Mid-caps and Small-caps also were down by more than 176 points and 149 points respectively.

In the Asian markets, the Nikkei closed with a loss of about 16 points. While the Hang Seng index reduced by 173 points. KOSPI and Taiwan also dropped almost 0.11 per cent and 0.93 per cent respectively, on Thursday.

European markets were also trading in a negative scenario.

Derivative Analysis

Nifty future closed on a negative note at 8004 mark. Going ahead 7980/8070 will be the immediate support levels.