sensex: These BSE500 stocks down up to 15-28% as bears tightened grip on D-Street

It turned out to be a painful week for investors on Dalal Street as the benchmark index Sensex lost 2,943 points. The wider Nifty50, which finished below 15,300, is now just 411 points away from officially entering the bear zone. Records show it was the worst week for the Nifty in more than two years.

Continued sales of Indian equities by foreign portfolio investors (FPIs) also pushed overall stock indices lower. With the largest annual outflow, so far, foreign investors have sold Indian stocks worth more than Rs 2 lakh crore in the calendar year 2022.

“Markets are largely taking signals from global markets in the absence of a major domestic event. And going forward, the US Fed chairman’s speech and China’s interest rate decision would be major triggers for the markets. On the domestic front, the COVID trend and monsoon progress will also take center stage, we reiterate our negative view on the markets and propose to continue with the “sell on rise” approach, said Mr Ajit Mishra, VP – Research,

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Broader markets also fell in line with headline indices, with the BSE Midcap and Smallcap indices losing 5.3 percent and 6.6 percent, respectively.

Four BSE500 stocks have fallen more than 20 percent and more in the past week, while 10 counters fell more than 15 percent.

Shares of

fell more than 28 percent after the private sector lender announced the appointment of veteran banker R Subramaniakumar as its new general manager and chief executive officer (CEO).

On Monday, the stock fell about 19 percent to Rs 92.95, its new 52-week low. Market participants have become cautious after the appointment of a PSU banker for a private lender, which has made investors cautious. This also led to a downgrade of the stock. Leading global brokerage firm CLSA has downgraded RBL Bank’s rating from buy to outperform, keeping its target of Rs 130 intact.

“Leadership flow and liability are the main headwinds, but the lender has manageable asset quality,” it said. “RBI has approved R Subramaniakumar as the new MD and CEO of the lender despite the various inquiries.”

The share price fell more than 24 percent and fell more than 21 percent. & Investments also fell more than 20 percent in the past week. This is despite the fact that majority-owned Viacom18 won digital streaming rights to the Indian cricket league IPL from 2023 to 2027.

Ten stocks fell more than 15 percent in the past week, with Angel One and

And Petrochemicals Corporation lost 17.7 and 16.8 percent respectively. and . lost 16.25 percent and 16.21 percent respectively.

Shares that fell 15-16 percent last week were

, Oil India and Trident.

“After weak global signals, the Nifty 50 ended the week sharply lower and broke decidedly below the critical support level of 15,700. While market sentiment is extremely bearish, indices are oversold in the near term. Even major global indices are trading near the support of the descending channel,” said Yesha Shah, head of Equity Research, Samco Securities.

“As a result, a short-covering bounce cannot be ruled out. We recommend that traders maintain a negative to neutral outlook for the coming week and use any bounce as an exit opportunity. Immediate support and resistance levels are now posted at 15,200 and 16,200 levels respectively,” Shah added.

(Disclaimer: Recommendations, suggestions, views and opinions of the experts are their own. They do not represent the views of Economic Times)

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