Post Market Commentary

The Indian markets declined drastically by more than 850 points during the trading session on the back of heavy selling pressures across the counters. A major correction is witnessed in today market session after a strong rally for the past weeks. The cues from the global markets are not in favor, which led the domestic market to trade on the back foot. The market opened on a week note and keeps on marching backwards through out the trading session. Most selling is seen from the Metals, Capital Goods, Oil & Gas and Realty baskets as they declined sharply. Both the BSE Mid cap and Small cap slipped by 366.36 points and 355.48 points to close at 9,105.58 and 11,840.02 respectively. The BSE Sensex closed with a heavy loss of 769.48 points at 19,261.35 and NSE Nifty fell by 270.7 points to close at 5,777. Overall, the market breadth was week as 1,944 stocks are closed in red while 995 stocks are closed in green.

BSE Metal index closed lower by 1438.50 points at 18,324.50 as JSW Steel (12.98%), Jindal Saw (10.06%), Jindal Steel (9.57%), Sterlite Industries (8.45%), SAIL (7.20%), Bhusan Steel (6.27%) closed in red.

BSE Capital Goods slipped by 733.37 points to close at 19,129.14. Scrips that fell are Praj Industries (9.89%), Punj Lloyd (7.86%), AIA Engineering (6.42%), BHEL (5.32%) a

BSE Realty index closed down by 701.10points at 11,699.36 as Purvankara (10.33%), Penland (8.50%), Indiabull Real 8.26%), DLF (7.53%), Parsavnath (6.29%) closed lower.

BSE Oil & Gas index declined by 666.23 points to close at 12,314.72. Scrips that fell are Essar Oil (11.23%), HPCL (8.52%), RNRL (8.12%), Aban Offshore (6.75%), BPCL (5.33%) and GAIL (2.88%).

BSE Bankex index dropped by 416.25 points to close at 10,919.22. Pulled it down are Oriental bank (7.16%), Allahabad bank (6.10%), PNB (5.32%), Canara bank (4.64%) and SBI (3.98%).

BSE Auto index slipped by 174.56 points to close at 5,569.24 as TVS Motor (8.72%), Ashok Leyland (7.68%), Escorts (7.64%), Tata Motors (8.72%), M&M (2.16%) closed lower.