Markets Remain Weak, Nifty Below 6500
Suparna / 20 Mar 2014
Indian markets are trading in the negative zone at the current hour owing to a heavy sell-off in the mid-trading session. The Nifty index is down by 25 points at 6498 and the Sensex is lower by 50 points to trade at 21782. Investors look rigid to put fresh money in Capital Goods stock. As a result the stocks have plunged down by 194 points.
The Indian markets witnessed heavy sell-off in mid-session. Nifty went down by 25 points at 6498 and the Sensex by 50 points at 21782. Both the indicators were down by more than 0.40% each.
The advance-decline ratio is on the negative side. On the NSE, 1505 shares are in the green and 1832 shares are in red.
Top Nifty Gainers: TCS is leading the gainer’s list so far up by 3.89%, followed by HUL, Wipro, Infosys and Cipla.
Top Nifty Losers: DLF is leading the losers list so far down by 3.54%, followed by BHEL, BPCL, Jaiprakash Asso and Ambuja Cements.
On sectoral front, 10 out of 13 sectors were trading in red. Capital Goods was the top loser down by 194 points. Bankex and Metal were down by 181points and 104 points respectively. Mid-Caps tumbled in this negative scenario and are down by 34 points and Small-Caps trading up by 16 points respectively.
Asian markets were also trading on a negative note. The Hang Seng market was down by 386 points, followed by the Nikkei which went down by 238 points. The Straits Times and the KOSPI were trading with nominal loss.
Buzzer:- Investor is not interested in putting fresh money into Capital Goods stocks as a result most of the Capital Goods stock crashed. Bharat Heavy Electricals (BHEL) (down 2.5%), L&T (down 2.22%), ABB India (down 0.25%), Bharat Electronics (down 1.09%), Crompton Greaves (down 3.1%) and Thermax (down 1.39%).
Nifty Future continued to fall down its broke 6550 level which is indicating more pain ahead.
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