Selling Pressure Accelerates, Sensex Crashes Down By 200 Points
Suparna / 21 Feb 2013
The India markets slipped further in the afternoon session as selling in heavyweights like ICICI Bank, Jindal Steel and Power and Tata Steel weighed on the index. Nifty is trading below its important support levels at 5874 and Sensex is trading down at 19,408. Both the indices are trading down in the range of 1.09% to 1.23%.
The India markets slipped further in the afternoon session as selling in heavyweights like ICICI Bank, Jindal Steel and Power and Tata Steel weighed on the index. The broader markets which provided respite to the index in the last two trading sessions are trading in red with the Small-Cap and Mid-Cap index down by more than 1%.
At 1:05 PM, Nifty is trading below its important support levels at 5874 and Sensex is trading down by 235 points at 19,408. Both the indices are trading down in the range of 1.09% to 1.23%.
The advance-decline ratio is immensely negative in the afternoon trading session. On the NSE, 1072 shares are trading in red and 318 shares are trading in green.
Top NSE Gainers: Bajaj Auto is the top gainer on NSE, trading up by 0.72%, followed by HCL Technologies, Bharti Airtel and Power Grid Corporation.
Top 5 NSE Losers: Jaiprakash Associates is trading down by 4.02% and is among the top losers on NSE, followed by ICICI Bank, Jindal Steel and Power, Tata Steel and Sesa Goa.
Among the sectoral pack, selling is visible across the sectors with Consumer Durables being an exception, the key draggers among the indices are Metal, which is trading lower by 2%, followed by Capital Goods, Realty and Bankex.
Meanwhile, the Asian markets extended their losses. Shanghai Composite fell by 3%, followed by Hang Seng and Nikkei 225.
Most of the European Markets are trading in a negative zone. CAC 40 is trading lower by 0.70%, followed by DAX which is down by 0.30%. FTSE is the lone indices trading in green, up by 0.25%.
Buzzers: Cigarette makers slide as Gujarat government proposes to hike VAT. Gujarat State Finance Minister Nitin Patel tabled the 2013-14 state budget in Gujarat Vidhan Sabha, whereby he proposed to increase the VAT on cigarettes from 25%-30%.VST Industries is down by about 1.88% and ITC tumbles 1.50% now trading at 295.5.
ICICI Bank is trading lower by 3.21% at Rs 1085. Its stock is the top loser in the banking sector. It opened at 1112 and now touched a low of Rs 1081.10. The scrip has seen a downfall along with rise in volumes.
Nifty has broken down its important support levels of 5880. Going ahead, we may see levels of 5850 and 5825.
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