Markets Reel Under Stress
Suparna / 23 Oct 2013
The Auto and IT sectors kept the frontline indices down. However, the markets did manage to trim some of the losses by closing. Nifty closed down by 24 point at 6178 and Sensex was 97 points down at 20767.
The Indian markets were under some fairly relentless selling pressure for most of the trading session today, especially the Auto and IT sectors. However, the indices struggled at the lower ends and managed to trim some losses by closing. Nifty closed down by 24 point at 6178 and Sensex was 97 points down at 20767. Both the indices ended negative in the range of -0.39%-0.47%.
On the NSE, 1530 shares closed in green, while 1597 shares ended the day in red, with a balanced advance-decline ratio.
Top 5 Nifty Gainers: Bank of Baroda closed with the highest gains on the index, up by 4.8%. GAIL, Cipla, SBI and PNB were among the other stocks that ended the day higher.
Top 5 Nifty Losers: Wipro closed lower by 4.3%, followed by Cairn, DLF, Sun Pharma and NTCP.
Most the sectoral indices remained in the red zone. Auto was lower by 87 points, and IT and Health Care were both down by 70 points. Mid-Caps and Small-Caps ended with a nominally negative bias. Bankex and Capitals Goods, on the other hand, gained 70 points and 51 points respectively.
In the Asian markets, the Hang Seng closed 310 points lower, while Nikkei and Taiwan Weighted were down by 287 points and 24 points respectively. KOSPI and Straits Times also closed the day in negatives.
Buzzer: Cairn India’s stock fell by 3.4% on the bourses today and closed near its technical level of Rs 320. If it opens tomorrow’s trades below this level, it may see more fall in its prices.
Nifty Futures closed near the major support of 6180. 6130 will be a major support level for tomorrow’s session.
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