Markets Go Downhill, Nifty Drops Below 5800 Mark

The Indian markets continued to remain under a selling pressure as the ruling UPA government continues to face problems. At the end of the day, Nifty closed at 5745 down by 90 points and Sensex closed at 19,008, down by 285points. Both the indices closed down in the range of 1.48%-1.55%. 

The advance–decline ratio ended on a negative side at the end of the day. On the NSE, 1113 shares closed in red and 296 shares closed in green. 

Top 5 Gainers on NSE: BHEL ended up by 5.08% as the top gainer on the NSE, followed by Bharti Airtel, Sesa Goa, DLF and Reliance Infrastructure.  

Top 5 Losers on NSE: Tata Steel ended the day as the top loser on the NSE, down by 2.12%, followed by IDFC, Jindal Steel and Power, Cipla and Bharti Airtel. 

All the sectors ended in red. Realty, PSU, Metals and Auto were the top losers in the sectoral pack. 
The European markets are trading in a negative zone. The CAC 40 is trading down by 26 points at 3798, followed by DAX and FTSE 100. 

The Asian markets closed positive. Nikkei 225 closed up by 1.99% at 12,468, followed by Shanghai Composite, up by 0.77%. Hang Seng closed flat with a negative bias. 

Buzzers: The Delhi Court on Tuesday summoned Bharti Airtel Chairman Sunil Bharti Mittal, Essar Group promoter Ravi Ruia and Ashim Ghosh, former CEO of Vodafone Essar, in the additional spectrum allocation case. All the accused in the allocation of additional spectrum during the NDA regime are told to be present on April 11. The stocks of Bharti Airtel collapsed by 4% and closed at Rs 294. 

BHEL slumps down by 5% to Rs 185. The stock saw a fall on over heavy volumes. It hit a fresh 52-week low in today’s trade.  

Going forward, Nifty is likely to consolidate in the range of 5670-5780.