Market Dives, Bankex Below 9000
Suparna / 27 Aug 2013
The Indian markets opened with a negative sentiment after the food security bill was viewed as negative for the economy. As a result, the Nifty tanked by 104 points to 5372 and the Sensex by 315 points to 18244.
The Indian markets opened with a negative sentiment after the food security bill was viewed as negative for the economy. As a result, the Nifty tanked by 104 points to 5372 and the Sensex by 315 points to 18244. Both indices opened down in the range of 1.68-1.90%.
The advance-decline ratio has been negative in the morning session today. On the NSE, 1375 shares are trading in gains and 1915 shares are down.
Top Nifty Gainers: Ambuja Cement is the top gainer for today’s morning session and is up by 1.74%. It is followed by Infosys, TCS, Power grid Corp and HCL Tech.
Top Nifty Losers: IDFC is the top loser for today’s morning session and is trading lower by 9.9%. It is followed by IndusInd Bank, HDFC, HDFC Bank and DLF.
On the sectoral front, 12 out of the 13 sectors are trading in the red. Bankex was the top loser this morning as it lost out 383 points. It was followed by Auto and Metals, which were down by 229 points and 167 points respectively. Mid-caps and small-caps also traded with a negative bias. They were lower by 56 points and 27 points respectively, this morning. Aided by the weakness in the rupee, the only sector to have gained was IT. It showed strength as it appreciated by 90 points.
Like the domestic markets, weakness is being seen across Asian markets. The Hang Seng is the top loser for so far as it is trading lower by 210 points. It is followed by the Nikkei, which is down by 98 points. The KOSPI, Shanghai Composite and the Straits Times too are trading with a negative bias.
Buzzers: Ambuja Cement has moved up by 2.5% after the Finance Minister announced some measures on infrastructure projects. The stock has made a high of Rs 171.50 per share.
The Nifty broke a major support level today which was around 5380. Since it is now trading below this crucial level, we may see a further downfall.
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