Fears rising of key 5400 support breaching on Nifty

What a day it was. It looked like 5400 would break today and we got saved by 10 odd points. The Sensex was trading below 1800. Reliance closed below Rs 900 mark. Optically, it was bit of a jolt to see the biggest stock, Reliance to close at Rs 895.

Big names like Tata Motors, despite of strong monthly numbers, was down by 7%. JP Associates was in a free fall mode and L&T, from the space, was down sharply. High crude oil prices have significantly dented BPCL and all marketing companies. Wipro in IT looked shaky. ITC took a little bit of a blow. JSPL in metals was quite weak. A long list of largecap names, but the leaders of the fall were Reliance, Tata Motors and L&T. On the way up, a very few stocks held out the odd HDFC. Otherwise, clear signs of continuing institutional selling in many of the bluechip names. We had 1:3 advanced declines on the broader market. Volumes were better at Rs 1.4 lakh crore. Damage in some of the midcap names was visible. Unitech, from the real estate space, lost another 8-9%. The stock has got hammered down now to Rs 42 levels and has had a relentless fall. Jain Irrigation is the stock which saw the biggest and continuing punishment. Poor numbers, a surprising dilution plan and the stock was down by 18%. There must be clearly some dumping going on from the institutions. There was some bad news on Delta Corp