Markets slide lower
Markets began the new Jan derivative series on a weak note. The main indices were dragged lower by Reliance as it touched a new 52-week low. It was the fourth consecutive negative daily close for the Sensex/Nifty.
Statistics
While the BSE Sensex finally closed 89.01pts or 0.57% lower at 15,454.92, the Nifty lost 21.95pts or 0.47% to close at 4,624.3. Broad market indices however ended higher as the BSE Mid Cap and Small Cap indices gained 0.31% and 0.09% respectively. Market breadth was negative as the A/D ratio was 0.91:1 on the BSE. NSE cash turnover was Rs.6,685crs. Vs. Rs.8,926crs. in the previous session.
Sectoral and Stock movers
The sectoral indices ended with a mixed bag. While the top gainers were the BSE Healthcare and IT indices, the top losers were the BSE Oil and Gas, Realty, Bankex and Metal indices. The top gainers from the BSE 30 were Infy, Coal India and BHEL. The top losers were Reliance, Jindal Steel, DLF and Tata Steel.
Foreign markets
Major European markets like the CAC ( 0.19%) and DAX ( 0.32%) are trading higher at 16:28 IST. The FTSE is however trading lower (-0.18%).
Major Asian markets have closed on a mixed note. While the Nikkei (0.67%) and Hang Seng ( 0.2%) have ended higher, the Straits (-1.0%) and Taiwan (-0.04%) indices have ended lower.
Way forward
With the markets drifting down further for the fourth consecutive session, immediate lows to watch are now at 4602. A close below these supports could see the Nifty heading towards the next major lows of 4531. On the upside, immediate resistance is at 4688.
Sources-HDFC SEC
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