Markets Crumple, Pressure Continues From Broader Markets and Rail Stocks
Suparna / 26 Feb 2013
The Indian markets have broken the important support levels of 5819 on the Nifty and 19,200 on the Sensex on the day of the Rail Budget. The broader markets continue to shock as some Mid-Caps and Small-Caps have slipped down over 15%.
The Indian markets have broken the important support levels of 5819 on the Nifty and 19,200 on the Sensex on the day of the Rail Budget. Going ahead, there will be a note of caution based on this as well as the announcement of the Union Budget. The broader markets continue to shock as some Mid-Caps and Small-Caps have slipped down over 15%. The Nifty is trading down by 58 points below 5800 and Sensex is trading down by 181 points at 19,149. Both indices have dipped in the range of 0.95%-1.02%.
The advance-decline ratio is on the negative side in the afternoon session. On the NSE, 1113 shares are in trading higher and 255 shares are in the green.
Top 5 NSE Gainers: Bharti Airtel is top gainer so far, trading up by 2.46%, followed by Jaiprakash Associates, Hindustan Unilever, Infosys and NTPC.
Top 5 NSE Losers: Tata Motors is among the top losers, down by 3.64%. ICICI Bank, Bajaj Auto, Hindalco Industries and ONGC are the others on the list.
10 out of the 13 sectors are trading down at this point. TECk, IT and FMGC have shown good momentum and have gained by 0.35%-0.57%%. Auto, Oil & Gas and Metal continue to remain under selling pressure and drag the markets lower.
The Asian markets are currently in the red. Nikkei 225 is lower by 2.31%, followed by Shanghai Composite, Hang Seng and Straits Times.
Buzzers: Mid-Cap mayhem continues as stocks like Rushil Decor, Lovable Lingerie and Onelife Capital Advisors have tumbled down in the range of 11%-20% on the back of heavy volumes. Lovable Lingerie has hit a low of Rs 222, its lowest value since its listing on the NSE.
Railway stocks continue to remain under selling pressure, with most of them trading down by 5% or more. Kalindee Rail Nirman has lost approximately 7%, TWL is trading down by 5% and Kernex is down around 6%.
The Nifty has given a clear-cut breakdown of a head and shoulder pattern, which is a bearish pattern. The neckline for the pattern was at 5820. If it closes below 5820, it may touch the 5740 levels in the short term.
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