Indices Bleed, Bankex Slides 400 Points

The Indian markets dived by over 2.5% mid-session today. Selling pressure has continued and there are no signs of recovery at the current level. The Nifty is trading at an intraday low of 5410 as it fell by 140 points since opening. The Sensex is down by 420 points and is trading at 18465.

On the NSE, the advance-decline ratio is negative with 1397 advances and 1928 declines.

Top Nifty Gainers: Lupin is leading the gainer lists so far and is up by 1.9%. It is followed by Coal India, Sesa Goa and Tata Motors.

Top Nifty Losers: IndusInd Bank is leading the losers list so far and is down by 6.6%. It is followed by Axis Bank, Asian Paints, Reliance Infra and HDFC.

All the sectoral indices are trading negatively. Bankex is the top loser and is down by 378 points. It is followed by Oil & Gas and FMCG, which are down by 219 points and 166 points respectively. Consumer Durables is down by 150 points. Mid-caps and Small-caps too are losing out as they are trading lower by 49 points and 29 points respectively.

While the domestic markets depreciated, Asian markets continued to trade in the green. The Hang Seng is up by 443 points. It was followed by the Nikkei, which is up 184 points. The Straits Times and Shanghai Composite too are trading on a positive note.

Buzzer:  Most of the selling is being seen in the banking space. Some of the heavy losses seen in stock prices are as follows,Yes Bank has fallen by 7%, IndusInd Bank by 6.7%, Axis Bank by 6.5%, ICICI Bank by 4.1%, HDFC Bank by 3.9%, Canara Bank by 3.7% and Dena Bank by 2.5%.

The Nifty Futures failed to sustain at crucial support levels. The next crucial level is at 5400.While sustaining this level can lead to some recovery, failure to do so will result in more losses on the index. Levels near 5350 can be expected in such a case.