Sensex slips below Nov closing lows of 8451

Source : Moneycontrol.com

The benchmark indices are trading lower. Sensex below November closing lows of 8451. The market breadth is weak since morning due to downtrend in broader indices. Banking, capital goods, telecom, FMCG, technology and select power stocks, and ONGC and Reliance Industries are under pressure.

However, cement stocks and stocks like NTPC, Reliance Industries, SAIL, DLF and HCL Tech are witnessing buying interest.

The Sensex was trading at 8,444, down 162 points and the Nifty was at 2,631, down 43 points, at 3:02 hours IST. BSE Midcap and Small cap indices fell 1% each.
The F&O turnover stood at Rs 26,400 crore and Rs 34,000 crore in total. Nifty March futures was trading with 27 points discount and has added about 27 lakh shares in open interest, OI. On the options side, PCR was hovering around 1.41 level.

Technical Analyst Mitesh Thacker said unless the Nifty breaks 2,650 on a closing basis, it should remain in a range. “2,650 is a strong support. If that holds, we are in a range of 2,650–2,790. Otherwise, the market could see a retest of October lows,” Thacker said.

Market breadth is weak; about 1075 shares have advanced while 1785 shares declined. Nearly 187 shares are unchanged.

Among midcap stocks, Rolta slipped 16%. Kirloskar Oil, India Infoline, Hind Oil Exploration and Ipca Labs tanked 6-8%. However, Monnet Ispat, Asian Star, UTV Software, Redington and Aurobindo Pharma gained 5-10.5%.

In the small cap space, Prime Focus, Gayatri Project, Solar Explosive, HBL Power and IOL Chemicals fell 6-7.5%. However, Kalindee Rail, Hercules Hoists, Swaraj Mazda, Timken and Minda Ind jumped 10-13%.

The recently listed Edserv Softsystems locked at 20% lower circuit, after seeing 130% gain on Monday.

However, European markets have bounced back, after sharp cut seen on Monday. FTSE went up 33 points, to 3,659. CAC was down 26 points, to 2,607 and DAX fell 24 points, to 3,734.