Stock markets fall but is everything in red?

BSE (Formerly Bombay Stock Exchange) Sensitive Index (Sensex)dropped 650 points from the day’s high.

About forty minutes are left to today’s market closing, and thedecline at the time of writing is being led by financial and InformationTechnology (IT) stocks.

Axis Bank (NSE symbol: AXISBANK) was turned back to fall fromthe 800 price zone. ICICI Bank (NSE symbol: ICICIBANK) too shares a similarstory and its rise too was turned back from 680 price zone.

Naukri (NSE symbol: NAUKRI) is joining the decline withbeing down by 7% and so has Page Industries (NSE symbol: PAGEIND) which is downby 3%.

Voltas (NSE symbol: VOLTAS) and Zee EntertainmentEnterprises (ZEEL) are down by 2.6% and 2.3% respectively.

Still, all is not gloomy as some of the stocks have risen byan above-average range in recent weeks.

Bandhan Bank (NSE symbol: BANDHANBNK) bucks the trend ofprivate banks and is up by 3.5%. Apollo Hospital (NSE symbol: APOLLOHOSP)continues its extraordinary move and is up about 4.5%.

Metal and mining stocks are showing strength today. Hindalco(NSE symbol: HINDALCO) is up by 3.2%. Jindal Steel (NSE symbol: JINDALSTEL) is allbulls with up by 8%. What’s confidence inspiring in this stock is that the lowof the day is the open of the day and the day’s candle is all green.

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National Aluminium (NSE symbol: NATIONALUM) is also showingstrength and is up 3.4%, and so is Steel Authority of India (NSE symbol: SAIL)which is up by 3.9%.

Tata Steel (NSE symbol: TATASTEEL) is also all green and upby 5%.

Energy stocks too seem to be beginning a short-term recoverye.g. Indian Oil Corporation (IOC) and NTPC (formerly National Thermal PowerCorporation).  Tata Power (NSE symbol:TATAPOWER) is up by 3.5%. Torrent Power (NSE symbol: TORNTPOWER) is up by 3.5%.

Oil and Natural Gas Corporation (ONGC) has started flying.The company opened at yesterday’s high and this is the low of the day’shigh-low range. The stock is up by 6%.

Power Grid Corporation of India (NSE symbol: POWERGRID) toois high in the sky with a rise of about 6%.

Life insurance company Max Financial Services (NSE symbol:MFSL) was up 3.7%.