The markets continued to trade on a weak note in the past one hour of trade, the Sensex has shed 152 points at 18,824 and the S&P CNX Nifty has declined 44 points at 5646.
According to Deepak Singh Tanwar, a Mumbai based technical analyst, "The market are not very far from their recent lows and the outlook is clearly negative. The first resistance for the market is at 5750 and no long position should be taken before this level is crossed."
ONGC was the top loser on the Sensex, the stock was trading at Rs 1127 lower by 2.6%, ITC shed 2.4% and was trading at Rs 171. Sterlit Industries, Bajaj Auto, index heavy weight Reliance Industries, Tata Motors, Bharti Airtel and Maruti Suzuki were trading lower by 1.3% - 2.3% each. On the other hand TCS was the top gainer the stock added 1.5% and was at Rs 1212. Hero Honda, Jindal Steel, NTPC, Mahindra & Mahindra and Larsen & Toubro were also among the gainers.
On the sectoral front the Oil & Gas stocks witnessed the heavy selling pressure, the BSE Oil & Gas index was down 2% or 203 points at 9613. The FMCG index shed 1.4% or 51 points at 3580. Auto, Banking, Realty, Metal and PSU indices were down 0.5%- 0.9% each. PSU, Capital Goods and Healthcare stocks which were trading higher earlier also fell prey to the seling pressure. Meanwhile IT and Teck indices were trading in the green.
GAIL was the top loser among the Oil & Gas stocks, the stock was down 3% at Rs 453. ONGC, Petronet LNG, Oil INdia, HPCL, Reliance Industries and BPCL were also trading in the red. Among the FMCG stocks United Spirits, ITC, United Breweries, Dabur India, Hindustan Unilever and Nestle were among the losers.
The broader markets were also trading lower but outperformed the benchmark indices. The BSE mid-cap index was down 21 points at 7144 and the small-cap index lost 27 points at 8874.
The overall market breadth remained extremely negative as 1500 stocks declined while 1080 stocks advanced.
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