Monday saw continuation of sell-off that started previous Thursday. It was simply one way market throughout the day that saw the index to erode a massive 1.35% or 158 points to settle at 11594. Overall, an intermediate top-out pattern emerged and chances are high that the weakness will be extended and gain further momentum going forward. If 11550 gets breached downward, a normal pull back could be extended till 11300 regions.
Barring IT, all sectoral indices took a beating with interest rate sensitive stocks like PSU Banks, Pvt Banks & Realty indices declining by over 2%. Thanks to strengthening USD, IT index was spared from across the board selling today. Among stocks, Bharti Airtel was the most notable gainer of the day, while ADAG stocks led by Reliance Capital, Reliance Infra continued to bleed.
