Nifty Closes Below 5550, IT Dips 11%

The Indian markets saw some sell-off, managed to recover some losses, but finally ended in the red. The Nifty closed with a loss of 65 points at 5528 and Sensex closed down by 300 points at 18,240. Both the indices ended with losses of 1.17%-1.62%.

The advance-decline ratio ended on the negative side. On the NSE, 540 shares closed in the green and 760 shares were in the red.

Top 5 NSE Gainers: JP Associates ended as the highest gainer, up by 4.97%, followed by Ambuja Cements, ITC, Asian Paints and BPCL.

Top 5 NSE Losers: Infosys ended the day down by 21%. Coal India, HCL Tech, TCS and L&T also closed in losses.

Among the sectoral indices, IT and TECk were down by 12% and 9% respectively. Realty, Healthcare, Capital Goods & Auto all ended slightly lower around 0.5%. Banks, FMCG and Power all ended higher by around 1%, while Oil & Gas and Metals also saw minor gains.

The Asian markets closed on a negative note. Japan’s Nikkei was the top looser, up 261 points at 13,480. Hang Seng was down by 12 points. KOSPI and Shanghai Composite closed flat, negative.

Buzzers: JP Associates was the top gainer, up by 4.92%. It made a high near its major hurdle of Rs 71.50 and closed at Rs 70.80. The stock has managed to close above resistance level of Rs 70, and if it stays above these levels, we can see a good move in the next few trading sessions.

Infosys crashed by 20%, in what was its biggest fall since 2003, after announcing disastrous Q4 numbers and an FY14 dollar revenue guidance of 6%-10%, which is below Nasscom estimates.

Wipro, Cipla, Coal India, TCS and M&M were the other big losers at the end of the day.

The Nifty managed to close above the 5510 mark. But the market managed to break a stiff resistance around the levels of 5530. If the index stays below these levels, it will see a further down-move.