Selling Pressure Forces Markets Close in Red

The markets continue to trade in the negative and the Sensex is struggling to keep above 18,000 level. Currently the Nifty is down 99 points at 5,386 and the BSE benchmark index shed 332 points to trade at 17,993. The picture was no different in the broader markets. The small cap and the midcap indices are down 1.4% each outperforming the Sensex which lost 1.7%. The markets opened in the red earlier in the day on the back of a dismal set of cues from the Asian front. Thereon the markets slid lower through the day. The nervous opening across Europe only intensified the downfall which saw the Nifty slipping to nine week lows falling below the crucial 5,400 levels and the Sensex falling below the 18,000 mark, only to recover later in the day. The Asian markets closed down in the region of 1-3% each, while the CAC, FTSE abd DAX have lost more than a percent each in early trades. Among the sectoral indices, rate sensitives Realty and Bankex indices are the top loser losing over 2.5% each followed by Power and Capital Goods down 2% each. On the other hand, FMCG and Consumer Durables up 0.5% and 0.2% respectively are the only indices in the green. The market breadth is very negative. Of the total 2799 stocks traded on the BSE, 1996 stocks declined while 704 advanced on the BSE.