Nifty tad above 5300; 66 stocks hit new lows

The benchmark Sensex shed about 200 points despite quiet global cues at 14:55 hours, dragged down by financial, oil & gas, infrastructure, auto, metal and Anil Dhirubhai Ambani Group companies' shares. Healthcare, telecom and realty stocks too were under pressure.
About six shares declined as against one share gained on National Stock Exchange. Nearly 66 stocks hit new lows today including Aban, ABB, DB Realty, GMR Infra, IDFC etc.

Devesh Kumar, Fortune Financial says that the market should bottom out at around 17,000 levels. “We feel that this quarter the market will find its bottom and recovery will be there,” he adds.
He advices investors to buy at current levels. “We feel that if you buy today, probably you make at 17-20% return for the year,” he adds.
Traders were buy February 5100 put with the feeling that there would be more downside going ahead. February 5100 put added 12 lakh shares in open interest. The 50-share NSE Nifty was trading 5,353, up 72 points and the 30-share BSE Sensex was at 17,809, down 227 points.
Among frontliners, ONGC, M&M, Jaiprakash Associates, Kotak Mahindra Bank and Hero Honda crashed 5-6%. Reliance Communications was down 4%.
However, Bajaj Auto, Tata Power and Hindalco were up one percent, Cipla, HDFC and BPCL too were on buyers' radar.
The broader indices were seeing more selling pressure as compared to benchmarks - the BSE Midcap and Smallcap indices tanked 2.5-3%.
In midcap space, Mahindra Life, Nava Bharat Ventures, Fortis Health, Carborundum and Ipca Labs gained 2-5%.
However, Den Networks, BEML, Sterlite Tech, Punj Lloyd and Ispat Industries plunged 10-19%.
In smallcap space, Graviss Hosp, Relaxo Footwear, Symphony, Gokul Refoils and Pradip Oversea went up 4-7.
However, Everonn Education, Dion Global, PI Industries, Uflex and EIH Associated Hotel lost 10-15%.