Bears Gain Momentum, Nifty Below 8575 Mark.

The Indian stock markets continued with the negative momentum in today’s session as well. Apart from the IT index, all the sectoral indices witnessed enormous profit booking and closed at lower ends. Auto and Healthcare index were hammered and closed down by more than 250 points each. Bankex, Capital Goods, Mid-caps and Small-Caps also were dipped around 200 points each. Nifty was down by 63 points and closed at 8570 level, while Sensex was down by 208 points and closed at 28261 level.

The advance-decline ratio on NSE was on a negative side, as the day ended with 764 shares in green and 2111 shares in the red zone.

Top Nifty Gainers: Wipro closed the day higher by 2.77 per cent, followed by Power Grid Corp, Cairn India, Ambuja Cement and Infosys.

Top Nifty Losers: NTPC closed the day lower by 5.98 per cent, followed by Jindal Steel, BHEL, ICICI Bank and BPCL.

The sectoral indices were negative in today’s session. Auto and Healthcare index were the major dragger of the day and  were down more than 250 points each. Followed by Capital Goods, Bankex, Mid-caps and Small-Caps were down around 200 points each. While Oil & Gas, Consumer Durables and Metal index also ended in negative territory. However, IT index was closed on a firm note,  and was up by 99 points.

Most of the Asian markets ended with positive scenario. Nikkei saw upward momentum of 83 points. Taiwan and Straits Time market also were up by 12 points and 26 points respectively. However, Hang Seng index closed in the red territory and was down by 93 points.

Buzzer: NTPC was down by more than 5.98 per cent on the bourses today and closed below the technical level of Rs 150. If the stock opens below this level, it may touch Rs 135/130 mark in the next few sessions.

The Nifty futures closed below its crucial support level, which was at 8650. If it sustains below this level, more painful scenario can be seen.