Sell-off in index heavyweights drags markets lower

Broad sell-off in index heavyweights Larsen & Tourbo, Infosys, Reliance Industries drag Sensex down by 110 points. Sensex is currently trading at 19,829, down 171 points, and the Nifty has fallen to 5953, down 56 points.

Devangshu Datta, Technical Analyst said, "Nifty may have support at 5950 but if that is broken then 5900 is the next stoploss since there is a lot of selling pressure."

All the sectoral indices are trading in the red. BSE Realty and IT indices are down almost 2% each, Oil & Gas and Capital goods counters are also witnessing selling pressure, trading lower by over 1% each. From the Oil & Gas space, Cairn India is the top loser, down 2.7%, followed by Essar Oil and RNRL, down over 1.5%, Reliance Industries has fallen 1.3% to 1019.

From the Capital goods counter, Havells India and Usha Martin have fallen over 1%, Reliance Industrial Infra, Suzlon and AIA Engineering are also trading lower by over 1% each. Only 8 components on the Sensex are trading in green. Maruti Suzuki continues to lead the gains, is trading at 1445, up 2.3%, followed by NTPC and SBI, up over 0.5% each. JP Associates, down 3%, Reliance Communication, down 2.9% and Larsen and Toubro, down 2.7% are top losers on the Sensex.

Broader markets are also trading lower, midcap and smallcap indcies are down 0.8% each. Market breadth is extemely negative, 885 stocks are advancing for 2041 declining stocks.