Markets See Sell-Off, Bankex Down 1%

The Indian markets saw some positive moves at opening, but were not able to sustain their gains and saw a sell-off at closing. Nifty was down 19 points to close at 5919 and Sensex was down 64 points at 19545. Both the indices ended in red, both losing 0.33%.

The advance-decline ratio ended on the negative side. On the NSE, 651 shares closed in the green and 726 shares were in the red.

Top 5 Nifty Gainers: Ranbaxy Labs closed the day up by 4.5%. Dr Reddy’s Labs, Lupin, Cipla and Power Grid Corporation were also in gains.

Top 5 Nifty Losers: Tata Motors ended down by 2.5%, followed by Axis Bank, Ambuja Cements, Sesa Goa and State Bank of India.

7 out of the 13 sectors ended negative. Banks and Consumer Durables saw losses of 134 points and 102 points respectively. Auto dipped 50 points and Metals were down 34 points. Heathcare and Capital Goods were up by 165 points and 62 points respectively.

Among the Asian markets, Japan’s Nikkei was the top gainer, up by 271 points and Hang Seng was in nominal gains of 3 points. Shanghai Composite, Straits Times and Taiwan Weighted ended on a negative note.

Buzzers: Tata Motors DVR issued 15.9 lakh ADS and 87.8 lakh equity shares on a FCCB conversion. The stock made a new low around Rs 303 and is down by 2.5%. It has a good support at Rs 300, and if it breaks it will see a further down-move to Rs 290.

ICRA’s shares dropped nearly 5% on profit taking today. Its traded volumes jumped quite significantly after a block deal.

We had mentioned in an earlier update that 5950 is a good support for the Nifty. However, the index did not manage to hold its gains and closed below the support level, which is a negative signal.