Markets extend losses, Realty and Bankex weigh

Losses in realty and banking stocks are dragging the Sensex down by  104 points to 19,837. The Nifty has also fallen by 40 points to 5950.

Emkay Securitities in reserach note says that the narrowing process of the Bollinger bands with Band Width seeing a decline is merely a sign of consolidation and one can go long near the support zone of 5925-5900.  Even the momentum indicator RSI in trading near the neutral zone, which also indicates that market, is just witnessing a temporary pause according to Emkay Research.

BSE Realty and Bankex continue to decline, are down 1.2% and 0.8% each. Besides healthcare, up 0.4%, consumer durables index is leading the sectoral pack.

From the realty space, top losers are, Indiabulls Real Estate, down 2%, HDIL, down 1.9% and Unitech, down 1.8%.

Indusind Bank, down 4.6%, Canara Bank, down 1.7% and Axis Bank and ICICI Bank down 1.3% each are the top losers from the banking space.

From the Capital Goods space, top gainers are Punj LLoyd, up 3.9%, Crompton Greeves, up 2.4%, and Siemens, up 1.1%.

The broader markets are trading mixed. The Small-cap index is up 50 points at 10,153 and the Mid-cap index has fallen 5 points to 8043.

Among the Sensex stocks Bharti Airtel is the top loser followed by Reliance Industires and ICICI Bank, down over 1% each.

Meanwhile, ONGC, Mahindra & Mahindra and Sterlite Industries are the prominent gainers among the Sensex stocks.

The market breadth is positive out of 1527 stocks are advancing and 2955 stocks are declining,