A morning walk down Dalal Street | Market could remain rangebound, create short positions on any rebound
Episode 1408, Jul 08, 2019, 01:30 AM
The budget has the intent to make India to become a USD 5-trillion economy, with some concrete and decisive proposals, but the absence of any stimulus measure hurt sentiment.
The broader market faces the brunt as both small & midcap indices closed in the red. The S&P BSE Midcap index fell 0.56 percent while the S&P BSE Smallcap index was down 0.69 percent for the week ended July 5, compared to 0.20 percent rise in the Nifty50, and about 0.30 percent gain in the Sensex in the same period.
As many as 23 stocks fell 10-30 percent in just five sessions in the S&P BSE Smallcap index which include names like Atlanta, Eros International, KRBL, Nitin Fire, McLeod Russel, Cox & Kings, MT Educare etc. among others.
In the S&P BSE 500 index as many as 7 stocks lost 10-20 percent which includes names like PC Jeweller, CG Power, Eveready Industries, Thomas Cook, Yes Bank, Quess Corp, etc. among others.
The rupee opened at 68.55 per dollar, but soon recovered lost ground and touched a high of 68.40, as Finance Minister Nirmala Sitharaman presented her maiden budget in Parliament.