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Live: Nifty breaks below 8400; metals, oil gas lead fall


The News International Team

2:30 pm: “This is clearly a profit booking downmove rather than led by fresh short selling,” says Anuj Singhal on CNBC-TV18. “Shares such as Andhra Bank, Apollo Tyres, TVS Motor and Reliance Comm, all of which have rallied hard recently are all down significantly today.”

Singhal said that the 8,400 level on the Nifty was a crucial technical level and failure by bulls to hold it would those on the short side a stronger hand leading up to expiry.

Small and midcaps, too, have witnessed profit booking, with a 0.77 percent and 0.64 percent cut for the respective indexes.

Not surprisingly, the list of counters in which there are only sellers has ballooned over the past hour , with a number of small stocks featuring there.

The advance-decline ratio stands at 1163:1798 for BSE traded shares.

2:00 pm: After ambling about around the flat line for most part of the day, indexes broke decisively on the downside in late trade.

At the time of this writing, the BSE Sensex was down 0.43 percent, or 123 points, to 28,049 while the NSE Nifty was off 0.5 percent, or 40.75 points, to 8,385.

Oil & gas shares were down the most led by heavyweights Reliance Industries and ONGC falling 0.7 percent and 1.4 percent, respectively.

Metal stocks, too, were down led by Coal India (down 1.7 percent), even as the government is expected to come out with draft rules that will lay out a roadmap for auction of cancelled coal mines.

Telecom shares, barring Bharti Airtel, too surrendered early gains, amid news the government had decided to split spectrum auctions to be conducted early next year into two stages.

By and large, only consumer stocks were still holding up, with Britannia up 2.4 percent, Nestle rising 0.4 percent while ITC traded up 0.5 percent. Such stocks, analysts said, are expected to benefit going forward from the global fall in commodity prices as well as with the government efforts to roll out the goods and services tax gathering pace.


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