Nifty falls below 6100; IDFC, Bharti, DLF down
MUMBAI: Selling activity intensified across the board as sell-off in China and disappointing September IIP data back home spooked sentiments. All the sectoral indices were in the negative territory with realty, metals and banks worst hit.
Index of industrial production for the month of September fell to 4.4 per cent lower than the previous month's revised annual growth of 6.92 percent. The street was expecting growth of 6.4 per cent. The September IIP data is the lowest in 15 months.
At 12:51 pm; Nifty Stock Exchange’s Nifty was at 6095.85, down 98.40 points or 1.59 per cent. The 50-share index touched intraday low of 6091.75 and high of 6202.50.
Bombay Stock Exchange’s Sensex was at 20279.36, down 309.73 points or 1.50 per cent. The index touched a high of 20593.91 and low of 20278.84 in trade so far.
“Nifty is expected to find support at 6150 (21 DEMA), which if breached with force is likely to target deeper retracement levels at 6090 under a bearish momentum indicator signal,” said Edelweiss report.
BSE Midcap Index was down 1.25 per cent and BSE Smallcap Index edged 1.26 per cent lower.
Amongst the sectoral indices BSE Realty Index fell 3.05 per cent, BSE Metal Index was 2.15 per cent lower and BSE Bankex slipped 1.91 per cent.
Nifty losers included IDFC (-4.76%), Bharti Airtel (-3.98%), DLF (-3.74%), Hindalco (-3.10%) and Tata Steel (-2.75%)
Gainers comprised Bajaj Auto (1.28%), Sun Pharma (0.93%), HDFC (0.67%), Siemens (0.49%), and HCL Tech (0.43%).
Market breadth turned negative on the NSE with 1968 declines against 1180 advances.
Chinese markets were under pressure on expectations that the government tighten credit to contain inflation which hit a 25-month high in October. Shanghai Composite tanked 5.30 per cent.
Index of industrial production for the month of September fell to 4.4 per cent lower than the previous month's revised annual growth of 6.92 percent. The street was expecting growth of 6.4 per cent. The September IIP data is the lowest in 15 months.
At 12:51 pm; Nifty Stock Exchange’s Nifty was at 6095.85, down 98.40 points or 1.59 per cent. The 50-share index touched intraday low of 6091.75 and high of 6202.50.
Bombay Stock Exchange’s Sensex was at 20279.36, down 309.73 points or 1.50 per cent. The index touched a high of 20593.91 and low of 20278.84 in trade so far.
“Nifty is expected to find support at 6150 (21 DEMA), which if breached with force is likely to target deeper retracement levels at 6090 under a bearish momentum indicator signal,” said Edelweiss report.
BSE Midcap Index was down 1.25 per cent and BSE Smallcap Index edged 1.26 per cent lower.
Amongst the sectoral indices BSE Realty Index fell 3.05 per cent, BSE Metal Index was 2.15 per cent lower and BSE Bankex slipped 1.91 per cent.
Nifty losers included IDFC (-4.76%), Bharti Airtel (-3.98%), DLF (-3.74%), Hindalco (-3.10%) and Tata Steel (-2.75%)
Gainers comprised Bajaj Auto (1.28%), Sun Pharma (0.93%), HDFC (0.67%), Siemens (0.49%), and HCL Tech (0.43%).
Market breadth turned negative on the NSE with 1968 declines against 1180 advances.
Chinese markets were under pressure on expectations that the government tighten credit to contain inflation which hit a 25-month high in October. Shanghai Composite tanked 5.30 per cent.
VARUN KUMAR TIOWARI
PGDM- 1st sem
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