Bears on a Rampage on D-Street
The Indian markets saw a landslide fall after the P-notes issue arrived. Bank Nifty also closed below its crucial support level. The markets also witnessed an overwhelming sell-off from the FII side as Asian market also surrounded with negative sentiments. The Nifty index ended down by 160 points at 8361 and Sensex closed 550 points lower at 27561. Both the indices tanked by 1.9 percent.
The advance-decline ratio ended on the negative side today. On the NSE, 1083 shares closed in green, while 1741 shares were in the red.
Top Nifty Gainers: Tech Mahindra stayed on top of the index for today, up by 1.66%. Zee Entertainment, Asian Paints, Bajaj Auto and Grasim also closed higher.
Top Nifty Losers: Tata Steel closed the day as the top loser, down by 5.4%, followed by Hero Motocorp, Hindalco, Axis Bank and ONGC.
The sectoral indices all closed in the red. Capital Goods was the top loser, down by 508 points. Bankex and Auto lost 487 points and 363 points respectively. Oil & Gas, IT, Metals, Mid-Caps and Small-Caps also crashed in the range of 100 to 150 points respectively.
The Asian markets closed on a negative note today. Hang Seng was the top loser, down by 776 points and Nikkei closed negative by 194 points. Shanghai Weighted, Taiwan and Straits Times also ended lower.
Buzzer: Tata Steel was the strongest loser among the 50 NSE stocks. The scrip hit a 52-week low around Rs 250.05, and closed at Rs 250.75, its lowest level.
The Nifty Futures have given a bearish pattern on the daily chart, and another fall seems inevitable now.