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Markets drift down further. Nifty tests below 8000 mark.

Markets have witnessed fresh sell offs, continuing from the massive profit booking that happened yesterday. Selling was seen across sectors with the banking and auto sectors beaten up more.

The BSE Sensex index was down by 118 points at 26599 by closing, while the NSE Nifty index was down by 40 points to close at 8057.

Although the indices tried to make a recovery from yesterday’s close during the trade today, the buying momentum did not last long and the indices witnessed huge sell offs. The Nifty tested below 8000 levels during the trade.

The rupee has also slipped to a twenty month low to trade beyond the 64 mark per US dollar.

In the equity markets, IT was one sector which was spared from the blood bath. TCS was among the gainers on the index witnessing an impressive 3% gain. HCL Tech also witnessed 3.3% gains. ACC, Bajaj Auto and Coal India were among other gainers on the index with 2% gains.

Banking stocks were the top losers. Bank of Baroda slipped down by 5% to trade at 153. IDFC also slipped 4%. Kotak Mahindra Bank, Axis Bank, Yes Bank – have all seen sell offs with 2-3% cuts.

Analysts are already signalling the overturn of the bull phase in Indian markets. Ajay Srivastava, from Dimensions Consulting on Moneycontrol.com has commented that he would like to see Nifty at 7800 levels. Credit Suisse has also indicated that the Indian markets are still expensive despite their sell offs, which indicate more cuts to follow on the market indices.



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