Morning Gains Wiped Out, Nifty Below 5400

After a seemingly good start to the day, the markets slid rapidly in the post lunch session. Among counters that witnessed a major sell off were heavyweights ITC, Reliance, Ranbaxy, Dr Reddy and Rcom. The Nifty was trading almost 100 points down from its days high. At its current level the index is down 70 points at 5331 and the Sensex is trading down by a massive 226 points at 18020. Both the indices were trading down almost a percent from their yesterdays close. The NSE saw advances in 1477 stocks against declines in 1818 stocks.

Top Nifty Gainers: IndusInd Bank is among the leading gainers so far trading up by 6.4% followed by BHEL, HDFC, Tata Power and HDFC Bank.

Top Nifty Losers: Ranbaxy Labs is among the worst performers on the index, trading down by 8.3%, followed by Sesa Goa, JP Associates, ACC and Cairn India.

Most of the sectors turned red in this session. FMCG and Health Care were among the top losers with benchmark indices down by 139 points and 109 points respectively. Metals and Oil & Gas followed closely and were trading down by 110 points and 106 points respectively. Mid-Caps and Small-Caps were trading marginally lower.

Peer markets in Asia are also trading mixed. The Hang Seng is the top loser so far down by 152 points. However the Nikkei saw some up move and was trading up by 27 points. The Straits Times and the KOSPI were trading in the red.

Buzzer:-

Ranbaxy Labs: The stock opened in the green but crashed in the mid-market session. It broke the technical support level of Rs 350. If it closes below this level, we may see it moving a bit more down.

The Indian Rupee has made a new low trading at a new all time low of Rs 64.32 to a dollar.

Nifty Futures broke all support levels which have been mentioned in the previous market update. If they  close below 5300 you could see a lot more pain.