Panic Selling In The Markets
Suparna / 02 Jan 2014
The Indian markets took a nosedive after mid-session and ended in the red. Nifty closed the day below its support level, lower by 80 points at 6221, and Sensex slid down by 252 points to 20888. Most of the sectoral indices dipped sharply too, with only IT seeing gains.
The Indian markets saw sturdy trades at mid-session, but then suddenly took a nosedive. The Capital Goods, Bankex, Oil & Gas and Metal indices were hammered. Nifty closed the day lower by 80 points at 6221, and Sensex slid down by 252 points to 20888. Both indices lost between 1.19%-1.28%.
The advance-decline ratio on the NSE remained positive. 1121 shares closed in green and 1622 shares were in red.
Top Nifty Gainers: Power Grid Corp gained 2.4% in today’s trades, followed by TCS, Infosys, Sun Pharma and Maruti Suzuki.
Top Nifty Losers: IDFC closed the day lower by 4.7%. Among the other stocks in negatives were JP Associates, PNB, Tata Power and BHEL.
Most of the sectoral indices dipped sharply too. Capital Goods and Bankex were the top losers, down by 290 points and 236 points respectively. Oil & Gas and Metals both tanked by around 150 points, and Mid-Caps and Small-Caps also ended in negatives. Only the IT index closed nominally higher.
Buzzer: Tata Power lost more than 3.3% on the bourses and closed below the technical level of Rs 90. If the stock remains below this level, it may touch the Rs 83 mark in the next few sessions.
Contrary to expectations, Nifty Futures closed below its major support level of 6280. If the index opens with a negative sentiment in the next trading session, it may extend its losses.
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