Bears Party, Nifty Sinks Below 5600

The Indian markets are trading with a big sell-off after a small gap-down in the opening. Trades are in a tight range as global cues are trading side-ways. The Nifty is trading at 5593, down by 80 points and Sensex is trading down by 230 points at 18,570. Both the indices are trading lower in the range of 1.43%-1.23%.

The advance-decline ratio is on a negative side. On the NSE, 313 shares are trading in green and 1085 shares are in red.

Top 5 NSE Gainers: Coal India is leading the gainers’ list so far; up by 2.68%. Dr Reddy’s Labs, Cairn India, ONGC and HUL are also in gains.

Top 5 NSE Losers: JP Associate is trading lower by 5.2%, followed by UltraTech Cements, DLF, HCL Tech and Sesa Goa.

All the sectors are trading in losses in the afternoon trading session. Capital Goods, Oil & Gas and Metals are witnessing a heavy fall, trading lower in the range of 1.15%-2.55%. Banks are also not providing any support to the markets, trading lower by 1.9%.

Most of the Asian markets are closed today apart from Nikkei 225 which is up by 272 points.

Buzzers: JP Associates is trading lower by 5.8% at Rs 64.20. The stock is losing its morning gains inching lower at the Rs 65 level. If the stock manages to close above the Rs 60 level, we could see a bounce back otherwise it will continue with the selling.  

UltraTech Cement is trading below its key psychological level of Rs 1780. The stock has dipped by around 4.75% in today’s trade. It has seen a dip in prices along with a jump in volumes.

We had mentioned in our previous updates that Nifty have a support at the 5600 level and if it closes below this level, we will see a further move.