Nifty falls below 5300 ahead of F&O expiry

Udayan Mukherjee, managing editor, CNBC-TV18, says that it was a very disappointing session. The breadth of the market has looked distinctly shaky from last few days, but today the large caps also corrected which pulled the Nifty below 5300 level. So, one-by-one important support levels for the Nifty are being taken down, as we head forward to the F&O expiry tomorrow.

JP Associates was down 9% today, after many concerns around its balance sheet hinging around at a new FCCB plan that the company unveiled. Metals stocks were completely smashed today. Stocks like SAIL, Sterlite and Sesa Goa were seriously punished. Large cap name like DLF from real estate was also at the receiving end. In the capital good space, Bharti Telecom and BHEL looked very vulnerable.
In who-wheeler space, Bajaj Auto and Hero MotoCorp were also down. JSPL stabilised today, flattened out after yesterday's fall. Tata Power had a small up move, but not very many winners at all.
The broader market looked very weak. Once again, the mid-caps were down a bit and barring a handful of exceptions like United Spirits and Wockhardt, the day was bad across the board.
Stocks like R Comm, HDIL, Jain Irrigation, Manappuram, IVRCL, Educomp, Pantaloon, Arvind Mills were badly hit, but generally the market breadth was quite poor. So all in all, a bad few days on the trot and now an expiry even above 5300 seems under question as we roll into expiry tomorrow.