Sensex down 300 points

After the shaky start in the morning, markets have nosedived into negatives with BSE Sensex down by 334 points while Nifty down by 107 points. Traders were seen booking profits after the rally that was seen in the market from the beginning of the New Year. 

Asian indices are seen trading in negatives with only Shanghai and Taiwanese index trading in green. All major Asian indices are seen in the red at this time. Nikkei is down by 0.14 % while Hang Seng is down 0.88% indicating negative sentiment in their markets.  

European markets have also opened in negative and all three major key indices are down by over 0.3%.

The scenario on the sectoral front is also very negative. Except for FMCG Index which is up by 0.22%, all other indices are trading in negatives. Realty is seen taking the most of the beatings and is down by 3.9%. Metal, CG and Power are also down by over 3%. 

Among the Sensex stocks only 5 stocks have advanced. Cipla is up by 1.15% while Bharti Airtel, ITC, Hindustan Unilever and Sun Pharma are up marginally. Losers list is topped by Tata Steel which is down by 4.72%. Jindal Steel is also down by 4.70 per cent. Capital goods major L&T and BHEL are also in the losers list. 

Shares of Sesa Goa are down by 9.79%. Adani Power, which was seen in the positives after PMO announcement, is down by 7.65%.  Sintex Industries is down by 7.82%. In this bearish market United Spirits and BPCL have managed to gain over 2%. 

The market breadth, indicating the overall health of the market, is very negative. Out of total 3090 stocks, 642 stocks advanced, while 2347 stocks declined. A total 101 stocks remained unchanged. 

Going ahead, we expect market to close in negative for today.