Markets witness highest single-day fall in 6 years

YESTERDAY’S ZEEL  IS ON FIREEEE!!!!!!!!!!!!!!!!!!! HIT FINAL TGT 365 MADE LOW OF 346 

The markets suffered their worst intra-day fall in six years with The Sensex closed 1,625 points or 5.9% lower at 25,742 while Nifty slumped 491 points or 5.9% to end at 7,809. Both the benchmark indices registered their biggest single-day decline in percentage terms since January 7, 2009 when they had dropped 6.2-7.2% each.  India's benchmark equities indices witnessed carnage on Black Monday with the markets recording their biggest single-day percentage decline since January 2009. Fearful investors shunned equities, tracking a sharp sell-off in Chinese stocks over concerns that the sluggish growth in that country would lead to a global economic slowdown. Nifty future opened gap down on dismal global cues. It posted the low of 8222 in the first half hour of the session and turned range bound for the better part of the day. and it closed the day off the low of the day around the important 200 exponential moving average. Nifty future had opened below this level so it was breached in the opening and it continued to remain below this region for the better part of the day, retesting it towards the closing. A breach of this region is significant as the 200 exponential moving average which is a long term moving average has been breached for the first time since July. This signals that the long term trend could be in jeopardy. A decisive breach of 8190 could lead to fresh weakness. 

DAILY CHART FOR NIFTY

SECTORS & STOCKS
All sectoral indices were in the red with Realty index plunging 11% followed by Oil and Gas, Power, Capital Goods and Bankex down over 7% each among others. Some of the Sensex stocks which hit 52-week lows today include ICICI Bank, Tata Motors, Oil and Natural Gas Corporation (ONGC), Tata Steel, Hindalco Industries, Cairn India, Gail (India), NMDC, NTPC, Tata Power Company and Vedanta.Banks which are a proxy to the economy witnessed selling pressure on concerns that demand for credit would remain subdued on account of sluggish economic growth. The Bank Nifty was down nearly 5%. HDFC, ICICI Bank, HDFC Bank, Axis Bank and SBI crashed 5-8% each.