Market is Sinking

Asian markets are subdued and that's keeping the market back home within a range. Sensex is now at 17,007, down 236 points from the previous close. Nifty is at 5049, down 67 points. CNX Midcap index is down 0.6% and BSE Smallcap index is flat, down just 0.03%. Market breadth is weak, with 505 advances against 691 declines on the NSE

If inflation falls, and banks start to attract some buying, then Kotak Mahindra Bank can go up to Rs 780 and possibly even Rs 900, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It is currently close to its support levels, he adds. The stock is currently trading at Rs 722.50, down over 2% on the BSE.

The market is still in the negative terrain. Sensex is at 16,970, down 272 points from the previous close. Nifty is at 5038, down 79 points. CNX Midcap index is also down 0.9% and BSE Smallcap index, down 0.5%. All sectoral indices, but that for IT, are trading lower. Banking, auto, capital goods, power and realty stocks are taking the biggest hits.