Indices Lower, Bankex Plummets 3%

The Indian markets witnessed selling at the higher levels mid-session. Most of the selling was seen in the banking sector. The Nifty is down by 24 points at 5930 and Sensex has lost 51 points to trade at 19790. The indices are in a negative range between 0.41%-0.26%.

The advance-decline ratio is on the negative side. On the NSE, 1431 shares are trading in the green and 1862 shares are in red.

Top 5 Nifty Gainers: HUL is leading the gainers list so far, up by 5.5%. Asian Paints, ITC, NTPC and Ambuja Cements are also higher.

Top 5 Nifty Losers: IndusInd Bank is trading lower by 3.7%, followed by Axis Bank, Mahindra & Mahindra, BPCL and Tata Steel.

8 of the 13 sectoral indices are trading in the red in the afternoon session. Bankex continued to remain the top loser, down 366 points, followed by Metals which lost 175 points, Auto dipping by 120 points and Capital Goods down by 63 points. Mid-Caps and Small-Caps also turned negative, down by 29 points and 12 points respectively.

In the Asian markets, the Hang Seng has gained 59 points and Nikkei has moved into the green, up by 15 points. Straits Times and Shanghai Composite, however, traded lower.

Buzzer: HDFC Bank announced a 30% rise in its net profits in the first quarter to touch Rs 1844 crore. However, the bank’s Gross NPAs remained unchanged at 1%. The stock was down by 3.6% made a new low of Rs 647.90.

The Nifty did not manage to cross the 6000 level and has slipped below 5950. If it continues to trade lower, the index may see the 5920 level in the closing session.