Bears Maintain Pressure, Indices Down More Than 1.5%

The Indian markets continued to witness a profit booking scenario. Indices surrounded by bears and major indexes like Bankex, Metals, Capital Goods and Auto saw heavy fall in respective stocks. As a result, the Nifty saw down move by 105 points at 7461 and Sensex was down by 345 points at 25026.

The advance-decline ratio on NSE was negative, as the day ended with 2588 shares in green and 1023 shares in the red zone.

Top Nifty Gainers: Sun Pharma gained 2.34% in today’s trade, followed by TCS, HUL, Dr Reddys Labs and HCL Tech.

Top Nifty Losers: BHEL closed the day lower by 8.35%, followed by NMDC, Jindal Steel, L&T and Hindalco.

Most of the sectoral indices closed on a negative note. Capital Goods plunged the most and saw dipped dives around 750 points. Bankex and Metals stocks also witnessed perpendicular fall in today’s trading session and went down by 450 points. Mid-Caps and Small-Caps were also down by more than 250 points. However IT and Health Care provided some support and were up by 140 points each. 

All the major Asian markets had a negative session on the bourses today and ended the day in the downward territory. The Nikkei market witnessed down move by 52 points, the Hang Seng market closed down by 5 points, while Taiwan and KOSPI closed on the negative side.    

Buzzer: BHEL was down by more than 8% on the bourses today and closed down at the technical level of Rs 220. If the stock opens below this level, it may touch Rs 210/204 mark in the next few sessions.

Nifty future closed giving a bearish signal on daily as well as intraday chart as its closed below the level of 7500, indicating more negative trend ahead.