Bad breadth, weak global cues take Nifty to fresh '13 lows

It was a disappointing day not because the Nifty was down 40 points but since morning there were a couple of attempted pullbacks as the market was a bit oversold or seemed like that yesterday. However, those rallies or pullbacks did not sustain. They were always sold into and the market finally closed virtually at the lows of the day. Partly because Europe started crumbling again while the market was trading and that might have weighed on market sentiment.

Also Read: Correction over, mkt awaits trigger; buy CIL: Macquarie

It was not a good close to new 2013 low and in doing that the Nifty closed below 5660 level that bounced back from last time around. So, the market went back and tested levels below that today.

Long list of large caps that fell, but volumes were quite high at nearly Rs 3 lakh crore, so, the market has slipped on high volumes. Banks have been in a sticky area for the market and today Bank of Baroda (BOB), Punjab National Bank (PNB) and even HDFC Bank looked quite vulnerable.

Tata Motors led a slide in the auto space. Tata Motors, Bajaj Auto, Maruti Suzuki India all these names were down quite a bit. Then the whole high beta set Reliance Infrastructure, Jaiprakash (JP) Associates, DLF and even Larsen and Toubro (L&T) looked very vulnerable. Cement stocks were quite weak.

Not too many winners, Bharti Airtel looked good today because it bounced 5-6 percent. There was some buying in HDFC, even in the beaten down ICICI Bank and some of the IT stocks like Wipro but a handful of seven or eight stocks in the Nifty where the buying was concentrated. Terrible day for mid-caps, the market breadth was 1:3 advanced to decline, the mid-cap index down 1.25 percent.

Some deep falls in names like IVRCL, SKS Microfinance, Sun TV, Delta Corp, Sintex Industries very big 8-10 percent kind of falls happening in many of these names. Anil Dhirubhai Ambani Group (ADAG) Group stocks continue to get hit badly.

Bad breadth, high volumes, huge selling across sectors like banking, auto, infrastructure and global markets not strong, was the recipe for a fresh 2013 low for the Nifty today.

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