Stock markets fall but is everything in red?

The Indian stock markets are a mixed bag with some sectors leading the decline while others leading the rise

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 the decline at the time of writing is being led by financial and Information Technology (IT) stocks.

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

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

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

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

Bandhan Bank (NSE symbol: BANDHANBNK) bucks the trend of private 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 all bulls with up by 8%. What’s confidence inspiring in this stock is that the low of 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 showing strength 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 up by 5%.

Energy stocks too seem to be beginning a short-term recovery e.g. Indian Oil Corporation (IOC) and NTPC (formerly National Thermal Power Corporation).  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’s high-low range. The stock is up by 6%.

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

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

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