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The Nifty Bank index closed 0.59 per cent down at 37945.0.

The stock quoted a 52-week high of Rs 1063.75 and a 52-week low of Rs 660.1.

Aditya Birla Sun Life AMC IPO will open for subscription on Wednesday, September 19 and will close on Friday, October 1.

“I would be very bullish on this space from a 3-5-year perspective because the housing sector is emerging from a very long bear cycle of almost 10 years.”

The 30-share BSE Sensex closed down 410.28 points at 59667.6

The stock quoted a 52-week high of Rs 2306.15 and a 52-week low of Rs 1220.2.

The company may consider a pre-IPO placement of equity shares aggregating up to Rs 185 crore. If such placement is undertaken, the fresh issue size will be reduced.

A total of 4,249 shares changed hands on the counter till 02:14PM (IST).

“I see a roadmap of production cuts in China for at least the next six months.”

Other than the four Nifty50 names, stocks such as Berger Paints, Escorts, Mindtree, InterGlobe Aviation, Mphasis, Coforge and Pidilite Industries have sent bearish signals. Bajaj Electricals, Apollo Pipes, Timken India and Century Enka and MSTC are some other stocks on the bearish list.