Mayhem Reigns, Nifty Down 150 Points

The Indian indices have continued with their downward movement, as have the global markets. The Nifty is trading 150 points lower at 5672 and the Sensex is down by 470 points at 18777. Both the indices have dipped in the range of 2.5%-2.3%.

Not surprisingly, the advance-decline ratio is strongly negative. On the NSE, 262 shares are trading in the green zone and 1143 shares are in the red.

Top 5 Nifty Gainers: Sun Pharma is leading the gainers list so far, up by 1.4%. Ambuja Cements and Cipla have also been in gains.

Top 5 Nifty Losers: Jindal Steel is trading lower by 7.8%, followed by DLF, JP Associates, Bank of Baroda and Hindalco.

All the 13 sectoral indices are trading in the red in the afternoon trading session. Bankex has moved sharply down by 460 points, Metals have lost 339 points and Capital goods is 245 points lower. Oil & Gas and Consumer Durables are also down by 255 points and 138 points respectively. Of the broader indices, Mid-Caps and Small-Caps have dropped more than 100 points each.

All of the Asian markets are in the negative zone since the morning trading session. The Hang Seng is the top loser, 604 points negative and Nikkei is down by 230 points. The Shanghai, KOSPI and Taiwan are also trading down.

Buzzers: Hindalco’s stock opened on a negative note and made a new low at Rs 97.20. Mid-session, the stock broke its major support at Rs 100. If it closes below this level, the stock may see more downside in the next few trading sessions.

Commodities and rate sensitive stocks are the biggest drags on the market as of now. Mid-Cap, Infra and Power stocks have seen deep cuts.

The Nifty has broken all its support levels as we mention in our last update. If it closes below the 5650 level, it will be a strongly negative signal.