Sensex, Nifty Nosedives, IT, Bankex Tank

Today it was a profit booking session in the India markets. Other than FMCG all the sectoral indices closed in the negative territory. IT and Bankex were the real culprits as most of the panic selling saw in these stocks. Mid-caps and Small-Caps also hammered well as botheof the sectors were down more than 100 points each. Nifty closed lower by 100 points at 8438 and the BSE30 was down by more than 300 points and closed at 28119.  

The advance-decline ratio on NSE was on the negative side as the day ended with 1142 shares in green and 1803 shares in the red zone.

Top Nifty Gainers: Coal India gained 2.26% in today’s trade, followed by ITC, Asian Paints, Ultratech Cement and ONGC.

Top Nifty Losers: Infosys closed the day lower by 4.84% followed by Sesa Sterlite, M&M, BPCL and Jindal Steel.

IT and Bankex saw massive selling and were down by 344 points and 263 points respectively. Auto and Capital Goods were down more than 250 points each. Metals, Mid-Caps and Small Caps also saw some down moves of more than 100 points. However, only FMCG closed on positive note.   

On the Asian markets front, the Nikkei market closed 15 points up. Hang Seng closed on positive note up by 45 points. Taiwan and Straits Times closed on negative side.  

Buzzer: Infosys was down by more than 4.5% on the bourses today and closed below the technical level of Rs 2000. If the stock opens below this level, it may touch Rs 1950/1910 mark in the next few sessions.

Nifty futures came around its crucial support level which is 8480. Below this level may see more profit booking scenario.