Bears On The Upper Hand
The Indian markets opened to create big panic on D-Street as witnessed heavy fall in all the sectorial indices. The global scenario has been clearly taking a massive toll on the domestic index. The indices could not sustain its supports, following basket selling by FIIs. The Nifty tanked by 170 points to 8210 and the Sensex by 551 points to 27260. Both the indices opened down in the range of -1.98-2.14 per cent.
The advance-decline ratio has been negative in the morning session today. On the NSE, 395 shares are trading positively and 1715 shares are traded negatively.
Top Nifty Gainers: BPCL is the only one gainer for today’s morning session and is up by 0.8%.
Top Nifty Losers: Hindaco is the top loser for today’s morning session and is trading lower by 4.9%. It is followed by SBI, ICICI bank, HCL Tech and ACC.
On the sectoral front, 13 out of the 13 sectors are trading in the red. Bankex was the top loser this morning as it lost out 580 points. It was followed by Auto, Capital Goods and Healthcare, which were down by around 400 points each. Mid-caps and small-caps also traded with a negative bias. They were lower by 250 points and 200 points respectively, this morning. IT, Metals, Oil & Gas, FMCG and Consumer Durables also surrounded in negative scenario.
The selling pressure seen in domestic markets is actually common across the globe. This can be validated by looking at the current trend in Asian markets. In Asia, the Hang Seng is the top loser as it is trading lower by 785 points. It is followed by the Nikkei, which is down by 510 points. The KOSPI, Shanghai Composite and the Straits Times too are trading with a negative bias.
Buzzers: Most of the banks have touched or, are trading below its crucial support levels. The major banking names of SBI, Axis Bank, ICICI Bank, PNB, HDFC Bank and Canara Bank have seen a heavy downfall lately.
Nifty futures have a made low below 8200 level. If we sustain above this level, we might see a continuation of correction and it would touch levels of 8170.