Bearish Sentiment Continues To Grip D-Street; Nifty Slips Below 7,050

Posted By: Religare
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The Indian equities continued to witness lackluster trade on Wednesday, with benchmark Sensex and Nifty were trading in red as strong rally in last two trading session paved the way for profit booking opportunity in frontline bluechip stocks.

The broader markets were also witnessing selling pressure, with the BSE mid-cap and the small-cap index slipped 1.2 per cent and 1 per cent, respectively, tracking bearish cues from Asian peers.

At 12:25 PM, the 30-share Sensex was at 23126.23, down by 65.74 points, or by 0.28 per cent, and the NSE Nifty was trading at 7025.55, down by 22.7 points, or by 0.32 per cent.

In the volatile trade so far, the BSE Sensex touched an intra-day high of 23241.88 and intraday low of 22920.84, while the NSE Nifty touched intraday high of 7059.75 and intraday low of 6960.65.

The top losers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 191.95,-2.46%), Coal India Ltd. (Rs. 310.80,-2.39%), Bajaj Auto Ltd. (Rs. 2281.45,-2.28%), Axis Bank Ltd. (Rs. 396.50,-2.23%), GAIL (India) Ltd. (Rs. 315.60,-2.08%), among others.

Meanwhile, Adani Ports & Special Economic Zone Ltd. (Rs. 205.25,+2.42%), Larsen & Toubro Ltd. (Rs. 1126.75,+1.70%), Reliance Industries Ltd. (Rs. 942.50,+1.38%), Dr. Reddy's Laboratories Ltd. (Rs. 2896.55,+1.27%), Bharat Heavy Electricals Ltd. (Rs. 104.50,+1.21%), were among top gainers on BSE.

On the sectoral front, consumer durables and metal stocks leading the decline, falling as much as 2.99 per cent and 1.82 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2472, shares advanced were 610 while 1737 shares declined and 125 were unchanged.

On the global front, the Asian stocks were trading in mixed, with China"s Shanghai Composite were up, while Hang Seng and Japan"s Nikkei 225 witnessed selling pressure.

China"s Shanghai Composite advanced 0.8 per cent amid government efforts to accelerate growth in the world"s second biggest economy. Hang Seng was down 0.7 per cent, while Japan"s Nikkei 225 fell as the country"s machine orders tumbled 3.6 per cent in December 2015, year on year, signaling weakness in capital spending in the world"s third biggest economy which succumbed to a renewed contraction last quarter.

Read more about: nifty, sensex
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