#Nifty, #Sensex fell the most in over a month, dragged by RIL, NTPC, L&T, Bharti Airtel and Power Grid.
Here’s Niraj Shah with the day’s action.
Read more: https://bit.ly/43f8Pet
Here’s Niraj Shah with the day’s action.
Read more: https://bit.ly/43f8Pet
Category
📺
TVTranscript
00:00 Well, this says it all, mayhem in the broader markets, because frankly if you look at the
00:04 index and yes, the index too has looked very wobbly today, 1.5% below 22,000 and a lot
00:11 of stocks falling like nine pins really.
00:13 But the broader end of the spectrum is where the pain has been.
00:16 Mid-caps, micro-cap, small-cap, that whole space has looked very, very ugly in the session
00:26 today.
00:27 In about six days, the small-cap index has lost 10% of its market value.
00:32 That tells you a story or two really about what's really happening.
00:36 Bring up the nifty-fifty heat map and you will see the sea of red, very little green.
00:41 I mean, to an extent some of these financials held out because they've corrected in the
00:45 recent past and not moved anywhere.
00:47 And ITC because of the news, 4.5%.
00:49 But otherwise, everything linked to the economy has looked wobbly today, from a power grid
00:54 to a cold India to an Adani Enterprises, NTPC, Tata Steel, Adani Ports.
01:00 The whole economy linked pocket has looked very, very weak.
01:03 And on a day when Reliance and some of the others correct and are amongst the top losers
01:09 by weight on the index, very little that the index can do.
01:12 But the broader end of the spectrum if you see, or if you just look at the sectoral performances
01:16 once, and then you look at the BSE 500 top losers.
01:18 So this is what sectorally happened, and BSEs top draw on the downside, media, metals, energy,
01:26 courtesy Reliance Industries, and real estate, another 5.5% lost on this one, amongst the
01:31 worst performing sectors over the last five days.
01:34 So clearly there is a lot of pain in a bunch of these economy-facing indices.
01:39 And then if you just look at the broader end of the spectrum, sure an ITC stood out, sure
01:43 maybe a couple of others like Ajanta, Abbott, et cetera, may have done okay.
01:46 But the list here, look at this, and across the board, because you have a PSU called Rides,
01:52 then you have Tanla Platforms, you have Mishra Dhadu Engineers India, but you also have Rain
01:57 Industries, you also have India Assurance.
01:59 So across the board, you saw some selling, and it was difficult to single out one particular
02:05 index as being the lone ranger of sorts.
02:09 So pain across the board.
02:12 The last point that I will make is some key levels like some quant indicators or the Nifty
02:17 PCR are indicating that maybe, just maybe, we are a tad bit oversold, and there might
02:22 be a chance that there could be a bounce.
02:24 Does that bounce get bought into?
02:26 Difficult to say that, but just keep that in mind.
02:28 I've not highlighted too many other stocks, because frankly you look at the mid-cap and
02:32 the small-cap list of companies, and you'll only see pain there.
02:36 So that notwithstanding, the only thing to look forward to is whether there could be
02:41 a bounce in a session or two, and will that bounce get sold into.
02:45 Thank you.