Wednesday, October 26, 2016

NIFTY ENDS BELOW 8,620; AXIS BANK SLUMPS 8%

The Indian stock market closed down for the second straight day, dragged lower by financial stocks such as Axis Bank after the lender reported a quarterly profit slump and on the back of muted second quarter earnings by some companies. Besides banks, Tata Group stocks extended their fall after the abrupt ouster of Chairman Cyrus Mistry on Monday. "It was a negative day on the bourses as key benchmark indices languished in negative territory through the day to finally close with losses of nearly 1%. Taking cues from tepid global markets, both the benchmark Sensex and the Nifty traded below their respective psychologically important levels of 28000 and 8600, during the day and hit their lowest level since 18th October, 2016, in intraday trade.
nifty near 8600 mark
Sensex ended with a loss of 255 points at 27,837. The Sensex opened at 28,051, touched an intra-day high of 28,050.55 and low of 27,760.The Nifty closed with a loss of 76 points at 8,615. The Nifty opened at 8,657 hitting a high of 8,657.30 and low of 8,597.Technically, Nifty strong break (close)below 8600.so it will increase the downside pressure and drag it to 8550,8500. Traders can go short on a break below 8600 with a stop-loss at 8750 for the target of 8500.
TOP GAINERS:  Idea Cellular, Kotak Mahindra Bank, Hero MotoCorp
TOP LOSERS:  Axis Bank, Tata Motors DVR, Tata Steel, Tata Motors, ICICI Bank


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