sensex: BSE500 shares down 15-28% as bears tighten D-Street grip

The week proved to be painful for investors on Dalal Street as a benchmark Sensex lost 2943 points. The wider Nifty50, which finished below the 15,300 mark, is now just 411 points away from officially entering the bear zone. The data show that this was the worst week for Exquisite for more than two years.

The steady sale of Indian stocks by foreign portfolio investors (FPIs) also led to a decline in leading stock indices. Marking the largest annual outflow, foreign investors have sold Indian stocks worth more than Rs 2 lakh crore in the calendar year 2022 so far.

“Markets largely take signals from global markets, in the absence of any major domestic event. And moving forward, the speech of the chairman of the US Federal Reserve and the decision on China’s interest rate would be important triggers for the markets. On the domestic front, the COVID monsoon trend and progress will also be in focus. We reaffirm our negative view of the markets and propose to continue with the “sell on the rise” approach, said Mr Ajit Mishra, Vice President of Research,

Brokerage.



Wider markets also declined in line with leading indices, c BSE The mid-cap and Smallcap indices fell 5.3% and 6.6% respectively.

Four BSE500 shares fell more than 20% or more last week, while 10 counters fell more than 15%.

Shares of

fell more than 28 percent after a private sector lender announced the appointment of veteran banker R Subramaniacoumar as the new managing director and chief executive officer (CEO).

On Monday, shares fell about 19% to 92.95 rupees, its new low of 52 weeks. Market participants became cautious after appointing a PSU banker as a private lender, prompting investors to become cautious. This also led to a downgrade of the shares. Leading global brokerage firm CLSA downgraded RBL Bank from buying a better one, keeping its 130 Rs target intact at the counter.

“The flow of leadership and responsibility are key obstacles, but the lender has manageable asset quality,” it said. “RBI approved R Subramaniakumar as the new MD and CEO of the creditor, despite several issues.”

the share price fell by more than 24% while falling by more than 21%. & Investments also fell more than 20% last week. This was despite the fact that Viacom18, in which it has a majority stake, won digital streaming rights for the Indian Cricket League IPL from 2023 to 2027.

Ten stocks fell more than 15% last week, such as Angel One and

And Petrochemicals Corporation lost 17.7 and 16.8 percent, respectively. i. losses of 16.25 per cent and 16.21 per cent, respectively.

The shares, which fell 15-16% last week, were

,,, Oil India and Trident.

“Following weak global signals, the Nifty 50 ended the week sharply lower and decisively broke below the critical support level of 15,700. While market sentiment was extremely bearish, the indices became oversold in the short term. Even major global indices are trading close to the falling channel, “said Yesha Shah, head of capital research at Samco Securities.

“As a result, a short-range rebound cannot be ruled out. We recommend traders to maintain a negative to neutral outlook next week and use any rebound as an opportunity to exit. Immediate levels of support and resistance have already been set at 15,200 and 16,200 respectively, “Shah added.

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

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