A morning walk down Dalal Street | Nifty may see lower levels amid consolidation
Episode 1464, Jul 22, 2019, 01:30 AM
The S&P BSE Sensex breached 39,000 on the downside while Nifty50 closed below 11,500 to hit a two-month low. But, the carnage was seen mostly in the broader markets which fell over 3 percent for the week ended July 19.
The S&P BSE Sensex fell 1.03 percent while the Nifty50 closed 1.15 percent compared to 3.3 percent plunge seen in the S&P BSE Smallcap index and 3.2 percent decline in the S&P BSE Midcap index.
The large part of the decline was on account of muted corporate results, no immediate resolution with respect to trade talks between the US and China, slow down seen in domestic economic growth, and the finance minister’s comments which dashed hopes of foreign investors of any reversal in levy of surcharge of FPIs.
As many as 119 stocks in the S&P BSE Smallcap index fell 10-40 percent which include names like Dhanlaxmi Bank, NCC, Jet Airways, MindTree, Opto Circuits, Time Technoplast, Allahabad Bank, Manpasand Beverages, Cox & Kings, Orchid Pharma, and Talwalkar Better Value, etc. among others.
In the S&P BSE 500 index, as many as 38 stocks fell 10-20 percent which include names like YES Bank, Reliance Capital, Reliance Power, Manpasand Beverages, DCB Bank, RBL Bank, DHFL, and Religare Enterprises, etc.