In the S&P BSE Mid-cap index, three stocks slipped 10-30% which include names like L&T Finance Holdings, Piramal Enterprises, and Indiabulls Housing Finance.
The S&P BSE Sensex lost 1.2 percent while Nifty50 saw a decline of 1.6 percent for the week ended October 12 but the real carnage was seen in small & midcaps which plunged 10-30 percent in the same period.
As many as 25 stocks in the S&P BSE500 index plunged 10-30 percent for the week ended 19 October which include names like Indiabulls Housing Finance, Dewan Housing Finance, Indiabulls Real Estate, PNB Housing Finance, 8K Miles, Kwality, Dish TV, Avenue Supermarts, Yes Bank, Bandhan Bank etc. among others.
Weak global cues, trade war concerns, rise in crude oil prices, emergence of liquidity fears in NBFCs as well as NBFCs, along with weak macroeconomic data such as rise in inflation and fall in IIP, selling pressure from foreign investors, mixed results from India Inc., and hawkish commentary of US Federal Reserve all weighed on sentiment.
In the S&P BSE Small-Cap index, Adlabs Entertainment slipped 20 percent, followed by Nutraplus India (down 19%), 8K Miles (down 18%), Mcnally Bharat (down 18%), Repro Home Finance (down 16%), Edelweiss Financial Services (down 15%) etc. among others.
In the S&P BSE Mid-cap index, three stocks slipped 10-30% which include names like L&T Finance Holdings, Piramal Enterprises, and Indiabulls Housing Finance.
Indian Stock market tips witnessed heavy selling pressure near key resistance levels and eventually, it broke below 10,300 levels on an intraday basis. The Nifty50 slipped 1.6 percent for the week but closed above 10,300 levels at 10,303.
“Market was volatile on concerns of slowing world economy due to lingering trade wars between the US and China. The Nifty faced stiff resistance at 10700 as the rise in oil price and volatility in INR influenced investors to book profits,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
source:- Moneycontrol
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