Indices Fall With No Respite, Bank Stocks Suffer The Most
Suparna / 20 Feb 2014
The Indian markets witnessed a non-stop fall from morning session . The announcement of China’s manufacturing data also had an impact which was reflected on the performance of the Asian markets, which closed down in the negative territory. Bankex was the biggest loser of the day down by 197 points. The 30 share BSE index closed down by 61 points at 6091 and the 50 share Nifty closed down by 186 points to trade at 20536.
The Indian markets witnessed a non-stop fall from morning session. Most of the sectoral indices closed in the red zone. Some banking stocks like Bank of Baroda, Kotak Mahindra, ICICI Bank and IndusInd Bank saw perpendicular fall in prices. As a result Nifty closed down by 61 points at 6091 and Sensex was 186 points lower by 20536.
The advance-decline ratio on NSE was negative as the day ended with 1489 shares in green and 1793 shares in the red zone.
Top Nifty Gainers: JP Associates gained 4.9% in today’s trade, followed by Dr Reddy’s Lab, Tata Power, Bajaj Auto and DLF.
Top Nifty Losers: Bank of Baroda closed the day lower by 3.33%, followed by Kotak Mahindra, ICICI Bank, IndusInd Bank and Grasim.
Most of the sectoral indices closed on negative note. Bankex was the biggest loser of the day down by 197 points. Metal and Oil & Gas also witnessed a deep cut around 80 points each. Auto, FMCG and IT were closed by 50 points. Mid Caps and Small Caps saw mixed trade.
On the Asian markets front, the Nikkei market closed in negative territory, down by 317 points. Hang Seng closed on negative note down by 270 points. Strait Times and Shanghai Composite closed on negative note as well.
Buzzer: Kotak Mahindra Bank was down more than 2% on the bourses today and closed near the technical level of Rs 670. If the stock opens below this level, it may touch the Rs 650 mark in the next few sessions.
Nifty futures were volatile and closed below the technical level of 6120. Going ahead, the level of 6080 and 6065 will be the vital support level.
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