Indices Continue To Sink, Sensex Closes Below 26500 Mark

The Indian markets continued with the wilt under massive amount of selling pressure. Most of the sectoral indices remained stressed and also closed below their support level. As a result, the Nifty closed down by 90 points at 7911 and Sensex was down by 275 points at 26468 in the closing bell.

The advance-decline ratio on NSE was on the negative side, as the day ended with 1004 shares in green and 2639 shares in the red zone.

Top Nifty Gainers: Dr. Reddy’s Labs gained 2.52% in today’s trade, followed by TCS, GAIL, Zee Entertainment and Cipla.

Top Nifty Losers: Jindal Steel closed the day lower by 7.70%, followed by PNB, NMDC, Axis Bank and Hindalco.

Most of the sectoral indices hammered in today’s trading session. Bankex was the real culprit and it was down by 450 points, followed by Metals, Oil & Gas and Small-Cap stocks which were down by around 350 points each. Auto, Capital Goods and Mid-Caps also closed on the negative note, down by around 250 points each. However IT and Health Care closed in the green mark, up by 117 points and 20 points respectively.

Most the Asian markets had a negative session on the bourses today and ended the day in the downward territory. The Hang Seng market saw down move by 153 points, while Taiwan and KOSPI also closed on a negative note. However the Nikkei market closed up by 206 points.     

Buzzer: Jindal Steel was down by more than 7.5% on the bourses today and closed down at the technical level around Rs 175. If the stock opens below this level, it may touch Rs 160/145 mark in the next few sessions.

The Nifty Future has given a bearish indicator as it closed below 7950 mark. If it sustains below this level, it may touch 7880/7840 mark.