Indian equities were bleeding for third consecutive session today, pulling down by capital goods, realty, auto, cement, Anil Dhirubhai Ambani Group, power, metal, financial and healthcare companies' shares. Heavyweight Reliance Industries too was under pressure at 11:05 hours.
The Nifty was consistently trading below the 5600-mark on first day of February series, which even tested 5550 level. Gautam Shah of JM Financial warns that Nifty may slip to 5430 and Sensex to 18000 level.
Foreign money outflow could be the reason behind this sell-off, citing reasons like inflation worries and likely slowdown in growth. FIIs were net sellers to the tune of Rs 1,651.41 crore and DIIs were net sellers of Rs 255.59 crore in equities on Thursday, as per provisional data available on NSE.
Shah said that the Nifty breaching below 5630 mark is not at all healthy. “It had shown first sign of weakness below 6040,” he reiterated. According to him, oil & gas index may lose 5-10% from current levels. The auto stocks also have got thumbs down from Shah as he thinks it might see 15-20% downside.
The 30-share BSE Sensex was trading at 18,514, down 170 points and the 50-share NSE Nifty fell 56 points to 5,547. Broader indices fell the most compared to benchmarks - BSE Midcap and Smallcap indices slipped 2.3% each.
Among largecaps, M&M, Tata Motors, Jaiprakash Associates (ahead of earnings today), DLF, BHEL, Reliance Capital and ACC were down 3.6-4.6%.
However, Bharti Airtel, ONGC (ahead of earnings today, CNBC-TV18 is expecting net profit at Rs 5,915 crore, up 9.8% (QoQ) and 93.7% (YoY)), Infosys, HUL and HDFC Bank gained 1.4-1.8%. ITC, Wipro and Sesa Goa were other gainers.
SBI, Reliance Industries, Tata Coffee, Tata Steel, Tata Motors, Infosys and HDFC Bank were most active shares on exchanges.
In midcap space, Money Matters, KGN Industries, Deccan Chronicle, Andhra Bank and Shriram City rallied 1-5% while Shree Global, Blue Star, JSW Holdings, Ruchi Soya and IVRCL Infrastructure fell 6-14.5%.
In smallcap space, Simplex Project, Can Fin Homes, Hinduja Foundries, Prabhav Industries and Newtime Infra went up 5-8% whereas Camlin, Shasun Chemical, Aqua Logistics, Artson Eng and SREI Infra lost 7-16.5%.
Foreign money outflow could be the reason behind this sell-off, citing reasons like inflation worries and likely slowdown in growth. FIIs were net sellers to the tune of Rs 1,651.41 crore and DIIs were net sellers of Rs 255.59 crore in equities on Thursday, as per provisional data available on NSE.
Shah said that the Nifty breaching below 5630 mark is not at all healthy. “It had shown first sign of weakness below 6040,” he reiterated. According to him, oil & gas index may lose 5-10% from current levels. The auto stocks also have got thumbs down from Shah as he thinks it might see 15-20% downside.
The 30-share BSE Sensex was trading at 18,514, down 170 points and the 50-share NSE Nifty fell 56 points to 5,547. Broader indices fell the most compared to benchmarks - BSE Midcap and Smallcap indices slipped 2.3% each.
Among largecaps, M&M, Tata Motors, Jaiprakash Associates (ahead of earnings today), DLF, BHEL, Reliance Capital and ACC were down 3.6-4.6%.
However, Bharti Airtel, ONGC (ahead of earnings today, CNBC-TV18 is expecting net profit at Rs 5,915 crore, up 9.8% (QoQ) and 93.7% (YoY)), Infosys, HUL and HDFC Bank gained 1.4-1.8%. ITC, Wipro and Sesa Goa were other gainers.
SBI, Reliance Industries, Tata Coffee, Tata Steel, Tata Motors, Infosys and HDFC Bank were most active shares on exchanges.
In midcap space, Money Matters, KGN Industries, Deccan Chronicle, Andhra Bank and Shriram City rallied 1-5% while Shree Global, Blue Star, JSW Holdings, Ruchi Soya and IVRCL Infrastructure fell 6-14.5%.
In smallcap space, Simplex Project, Can Fin Homes, Hinduja Foundries, Prabhav Industries and Newtime Infra went up 5-8% whereas Camlin, Shasun Chemical, Aqua Logistics, Artson Eng and SREI Infra lost 7-16.5%.
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