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
