For Quick Alerts
For Daily Alerts

Mid-Session: Sensex slips below 28K, Nifty breaches 8500 level Analysis for Jul 27, 2015

By Religare

The key domestic benchmark indices witnessed hefty sell-off on Monday as investor"s sentiments were spooked by negative impact of SIT recommendation of stricter norms for participatory notes (P-notes) coupled with weak earnings numbers.

At 12:24 hours, the 30-share benchmark index was trading at 27751.36, down by 360.95 points or by 1.28 per cent, while the NSE Nifty was quoting 90.4 points lower at 8431.15.

The Dalal-Street extended losing momentum on Monday after a Supreme Court-appointed SIT last week suggested Sebi to come up with regulations on collection of beneficial ownership details of P-note holders to curb black money flow into Indian Equities. Participatory Notes commonly known as P-Notes are offshore derivate contracts used by foreign institutional investors (FII) to invest in the Indian stock markets without registering themselves with the market regulator, the Securities and Exchange Board of India - SEBI.


In the bearish trade so-far, the BSE Sensex touched an intraday high of 28117.65 and intraday low of 27748.44, while the NSE Nifty touched an intraday high and an intraday low of 8492.2 and 8423.3, respectively.

Among the show spoilers on the D-Street were Tata Steel Ltd. (Rs. 254.45,-4.02%), Tata Motors Ltd. (Rs. 376.75,-3.68%), Hindalco Industries Ltd. (Rs. 105.20,-3.53%), Bharti Airtel Ltd. (Rs. 421.90,-2.84%) and Oil And Natural Gas Corporation Ltd. (Rs. 275.10,-2.81%).

However, some buying was witnessed in Cipla Ltd. (Rs. 685.00,+0.99%), Bajaj Auto Ltd. (Rs. 2517.90,+0.82%) and NTPC Ltd. (Rs. 138.55,+0.76%).

Among the sectors, all the sectoral indices were bleeding in red with BSE Capital Goods and Metal indices losing 2 per cent each.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2517, shares advanced were 1030 while 1388 shares declined and 99 were unchanged.

On the global front, the Asian equities were also reeling under pressure as a commodity rout exasperated by heightened fears of a slowdown in China and gloomy earnings from technology giants forced investors to cut risky bets. China"s Shanghai Composite slipped after industrial profits fell, while Japanese shares tumbled amid a stronger yen.

Story first published: Monday, July 27, 2015, 13:12 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more