INSUBCONTINENT EXCLUSIVE:
Monthly expiry of January futures and options contracts tomorrow was adding to selling pressure.The S-P BSE Sensex and NSE Nifty 50 indexes
extended losses in noon deals on the back of a broad-based selling pressure
tomorrow was also adding to the selling pressure in the markets, analysts added."There was some froth in the markets at higher levels and
the ongoing correction is a healthy one on account of profit booking
In my view Nifty can test 13,700 levels on the downside which is also the 50-day moving average for the index," Vijay Chopra of Enoch
Ventures told TheIndianSubcontinent.HDFC Bank, HDFC, Reliance Industries, Axis Bank, ICICI Bank and Tata Consultancy Services were among the
top drags on the Sensex.All the 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Bank index's
facing selling pressure as Nifty Midcap 100 index dropped 1.67 per cent and Nifty Smallcap 100 index fell 0.31 per cent.Tata Motors was top
Nifty loser, the stock fell 3.5 per cent to Rs 269
Axis Bank, Asian Paints, HDFC, Sun Pharma, Divi's Labs, HDFC Bank, Indian Oil, Titan, UPL, Larsen - Toubro, Dr Reddy's Labs and Tata Steel
also fell between 2-3.4 per cent.On the flipside, Wipro, Tech Mahindra, ITC, UltraTech Cement, HDFC Life, SBI Life and HCL Technologies rose
between 1-3 per cent.The overall market breadth was extremely negative as 1,922 shares were declining while 920 were advancing on the BSE.
