Bears on a rampage on D-Street

The Indian markets saw a landslide fall on September 26, 2016. Majority of the banking stocks closed lower. The markets also witnessed an overwhelming sell-off from the FII side. The Nifty index ended down by 108 points at 8723; and Sensex closed 373 points lower at 28294. Both the indices tanked by 1.3 per cent each.

The advance-decline ratio ended on the negative side today. On the NSE, 8 shares closed in green, while 43 shares were in the red.

All the sectoral indices closed in negative in today’s session. Banks and Auto were the losers and down more than 300 points each. Capital Goods and FMCG were down by around 203 points and 120 points respectively. Metals, Mid-caps, Small-Caps & Oil & Gas also closed in negative territory.

In the Asian markets, the Nikkei closed down by 209 points. The Hang Seng index ended down by 368 points. While the Taiwan and KOSPI also ended on a negative note.

European markets were also trading in negative scenario.

Derivative Analysis

Nifty future closed below vital support, which was at 8750 level. If it continues with current scenario, it may see 8600 level soon.