Railway Stocks Down up to 9%

Railway stocks are sharply down in trade on Tuesday after a recent run up.

Railtel is down 9.5 per cent at Rs 401.40 on BSE. Ircon is down 9.4 per cent at Rs 241.95. Rail Vikas Nigam is down 7.25 per cent at Rs 297. Rail Vikas Nigam stock is close to its lower circuit of 10 per cent.

RITES is down 7.3 per cent at Rs 581. Texmaco Rail is down 6.8 per cent at Rs 202. IRCTC is down 4 per cent.

Zee Entertainment is down 9.9 per cent after Sony called off the merger.

Sensex is down 120 points at 71,303 points. HDFC Bank is down 2 per cent, Asian Paints is down 2 per cent, Hindustan Unilever is down 2 per cent.

Deepak Jasani, Head of Retail Research, HDFC Securities said Nifty ended the extended week on January 20 with a fall of 1.47 per cent to close at 21,571.80.

Nifty has formed a bearish engulfing pattern on the weekly as well as on daily charts, which usually indicates a bearish trend reversal. It would be advisable to stay cautious unless Nifty surpasses the resistance of 21,852. Support for the Nifty is seen at 21,449 and 21,150.