Nifty Closed Below 8400 Mark
The Indian equity market continues with its profit booking journey even in today’s trade. The benchmark indices witnessed range bound till mid-session, however, it tanked in last half an hour. The stock belonging to Healthcare index such as Sun Pharma, Torrent Pharma, Dr. Reddy’s Lab and Divis Lab were hammered around 5% each and dragged the index lower. Auto and Oil & Gas index also fell by 245 points and 103 points respectively. The Nifty broke all the major supports and was down 70 points in today’s trade and closed at 8377 while Sensex was down by 210 points and closed at 27674.
The advance-decline ratio on NSE was on a negative side, as the day ended with 1287 shares in green and 1410 shares in the red zone.
Top Nifty Gainers: Sesa Sterlite closed the day higher by 1.54%, followed by Tata Steel, Axis Bank, Tech Mahindra and Coal India.
Top Nifty Losers: Sun Pharma closed the day lower by 8.78%, followed by HUL, HCL Tech, Maruti Suzuki and Ambuja Cement.
Most of the sectoral indices nosedive trade in today’s session. Healthcare stocks saw perpendicular fall and were down by more than 556 points. Followed by Auto, Oil & Gas and Mid-Caps stocks that were hammered down by more than 100 points each. While Bankex, FMCG and Sma-Caps also closed in red territory.
The Asian markets witnessed superb recovery in today’s session. The Hang Seng market shown good up move by 755 points. Followed by Nikkei and Shanghai Composite market were up more than 274 points and 77 points respectively.
Buzzer: Sun Pharma was down by more than 8.78% on the bourses today and closed below at the technical level around Rs 950. If the stock opens below this level, it may touch Rs 940/930 mark in the next few sessions.
Nifty Future formed 3 bearish candles in daily chart, indicating more down side moves.