Nifty fall over 2% on budget woes, global sell-off
How well the EQSIS recommendations performed today 08 July?
1. EQSIS Intra: Short ACC below 1523 Target 1505.5 Stop above 1537 CMP 1525
2. EQSIS Intra: Short ICICIBANK below 428 Target 423 Stop above 432 CMP 428.5
Top Stocks To Watch On Tuesday 9 July 2019
YESBANK surged by 5.67% and finished at Rs. 93.15. . It did rise in the last trading session, but fell by a significant margin on a weekly basis. It witnessed Bullish Piercing pattern on daily chart. Trading volume rose by 89 percent on Monday. However numerous trades were intraday trades. It is regularly scaling down for 5 days. It is trading below its recent support zone. The Near term resistance is seen around 136.
PNB plunged by 11% and to close at Rs.72.8. Trading volume inflated by 207 percent. But majority of them are intraday trades. It is likely to witness negative breakout. Derivative traders were aggressive in adding short positions. Open interest gained by 8.39 %. The firmness of the sellers is recognized by the todays gap.It is trading below its recent support zone. The Near term resistance is seen around 83.
MINDTREE plunged by 13.43% and finished at Rs. 769.25. Trading volume rose by 546 percent at last trading day. But most of the trades are intraday in nature. It suggest for negative breakout. The momentum of the sellers is indicated by the todays gap.It is regularly grinding lowere levels for 3 days. It is trading below its recent support zone. The Near term resistance is seen around 979.
BAJAJFINSV plunged by 9.99% and finished at Rs. 7593.05. Trading volume increased by 416 percent. It is likely to witness negative breakout. Derivative traders were aggressive in adding short positions. Open interest increased by 18.9 %. It is trading below its recent support zone. The Near term resistance is seen around 8564.
SUNPHARMA is listed in top traded counters. It gives an impression of Derivative traders were aggressive in adding short positions. Open interest surged by 2.09 %. It is continuously scaling down for 3 days. It is trading below its recent support zone. The Near term resistance is seen around 407.
Closing Bell: Nifty fall over 2% on budget woes, global sell-off
The broader NSE Nifty sank 252 points to 11,558 levels. Domestic equity benchmark NSE Nifty fell sharply today, disappointed by some Budget proposals in the Union Budget amid heavy selloff in global equities.
Sectorally, public sector banks (PSU banks) took the biggest knock with the Nifty PSU Bank index settling nearly 6 per cent lower. This was followed by losses in realty, auto, financial services and metal counters which were down up to 3.5 per cent.
Bajaj Finserv was biggest loser among Nifty50 stocks, falling 10 percent followed by Bajaj Finance, ONGC, IOC, Indiabulls Housing Finance, Maruti, Hero Motor and NTPC which dropped 5-10 percent. However, Yes Bank and HCL Technologies bucked the trend.
Market Update: Nifty near 11,600 mark
The NSE Nifty extended losses on selling across sectors after Budget 2019 which proposed to increase minimum public shareholding to 35 percent from 25 percent earlier amid weak global cues. At about 12.43 pm, the broad-based Nifty was around 11,600-levels down 200 points at 11,611 level. At the National Stock Exchange, all sectoral indices were in the red with Nifty PSU bank plunging more than 5.53 per cent. Nifty realty skidded 3.28 per cent, auto by 2.93 per cent and finance by 2.3 per cent.
Morning Update: Nifty plunge led by PSU Bank, Auto stocks
The NSE Nifty50 were trading at a level of 11,700, lower by 111 points from the previous settlement. Equity benchmark index nifty were trading lower following the Budget on Friday and tracking Asian stocks.
Top laggards on the 50-scrip index at the time were Hero MotoCorp, LT, Maruti Suzuki India, Bajaj-Auto, Gail and ONGC, trading between 2.21 per cent and 4.07 per cent lower. The market breadth was tilted in favour of sellers. About 1,281 stocks declined and 288 shares advanced on National Stock Exchange.
On a net basis, foreign institutional investors sold equities worth Rs 89.38 crore, while domestic institutional investors purchased shares to the tune of Rs 275.63 crore, provisional data available with stock exchanges showed Friday.
Top News Of The Day
Maruti Cuts Car Production
- The country’s largest car maker Maruti Suzuki IndiaNSE -2.82 % (MSI) has cut vehicle production for the fifth consecutive month in June, due to lower demand for automobiles.
Government To Issue Overseas Bond
- The government will soon start the process of raising funds from overseas markets by issuing sovereign bonds in the second half of the fiscal.