Bears in full control of Dalal Street today

The Bears are in full control of Dalal Street as the Nifty plunged below the 200-day moving average and hit a fresh 2-month low in early Friday deals as a global sell-off in equities accelerated in Asia. The fear Index jumped 6.2 percent.

The Nifty dropped 117 points to 8,255, its lowest since June 29 as the bulls ceded space on the broader market. The Advance-Decline Ratio plunged to 2/48 on the Nifty. Banks were worst hit: Yes Bank, Bank of Baroda, State Bank of India, Bharti and PNB took the first five losing slots on the Index. The only shares to gain and that too with very low volumes were Ambuja Cements and TCS.

SBI was the most active stock on the NSE, with 90 crore rupees worth of shares changing hands in the first 20 minutes of trade. Yes Bank and Infosys saw heavy action in initial trades. All three stocks were active on the down side.

Broader indices posted larger losses. The CNX 100, CNX 200 and CNX 500 and CNX Nifty Junior, CNX Small Cap and the CNX Mid Cap Indexes lost between 1.6 percent and 2.8 percent in early deals on the NSE. All sectorial indices were bathed in red. The Bank Nifty lost 2.1 percent to 17,902. CNX PSU Bank index plunged 3.4 percent. Deep gashes were seen on CNX Auto, CNX Media, CNX Realty and CNX Finance Indices.

The mood was equally bearish on the Bombay Stock Exchange, where the Sensex shed 430 points, or 1.4 percent to 27,208 in the first 20 minutes of trade. The Advance-Decline Ratio stood at 2/28. Vedanta, Tata Motors, Hero Motors and State Bank of India were the top losers on the Sensex while Infosys and TCS were the only two stocks in the green. SBI was again the top traded counter on the Sensex.

Bulls were literally on their knees in the futures and options space. There was just 5 gainers to 155 futures that lost ground on Friday deals in the derivatives segment. Motherson Sumi, Bharti, Canara Bank and Just Dial were the top 4 losers while Amtek Auto, Tata Comm and Jindal Steel posted gains.

Bears took charge of the broader market. The Advance-Decline Ratio was 167 stocks that rose versus 1,158 that dropped.

Majesco was the lone well-known stock that hit a fresh high on the NSE. Indian Hotels, Vakrangee, EMCO and Central Bank of India figured on the top volume buzzers list on the exchange. Cairn, Hindustan Zinc, Aban Offshore and IFCI were on the list of stocks hitting 52 week lows.
(Image credits: Indiatimes)