Market In Bears Grip, Nifty Touches 8600 Mark

This was the third consecutive session that the Indian markets closed below its previous close. The sectoral indices like Healthcare, Bankex and Auto were hammered badly and broke all the vital supports.   Mid-Caps and Small-Caps also tanked and fell by more than 150 points each. The Nifty continued with the negative momentum and was down by 100 points and closed at 8606 while Sensex was down by 223 points and closed at 28442 in today’s trade.

The advance-decline ratio on NSE was on negative side, as the day ended with 1166 shares in green and 1665 shares in the red zone.

Top Nifty Gainers: Sesa Sterlite closed the day higher by 3.50%, followed by Tata Steel, Hindalco, BHEL and NTCP.

Top Nifty Losers: Lupin closed the day lower by 3.50%, followed by IndusInd Bank, Yes Bank, Sun Pharma and NTPC.

Apart from Metal index all the sectoral indices closed in red in today’s trade. Helthcare and Bankex indices saw perpendicular fall and were down by 544 points and 350 points respectively. This was followed by IT and Auto stocks that were hammered, down by more than 200 points each. While Small-Caps and Mid-Caps too closed below crucial support level. However, Metal index closed up around 114  points.

The Asian markets witnessed some negative scenario. The Nikkei continued with its downward journey and  moved down by 232 points. This was followed by Hang-Seng and Taiwan market that were down by more than 80 points each. However the KOSPI and Shanghai Composite market saw some positive movement.  

Buzzer: Lupin was down by more than 6.68% on the bourses today and closed below at the technical level around Rs 1775. If the stock opens below this level, it may touch Rs 1750/1740 mark in the next few sessions. 

Nifty Future form bearish engulfing pattern in intraday chart, Indicating more down side from current level.