The carnage was more severe in small & mid-cap space as more than 70 stocks hit fresh 52-week low and 69 stocks slipped 10-40 percent in just 4 trading sessions

Indian market which was hitting fresh record highs in August failed to build momentum and retested crucial support levels this week. The S&P BSE Sensex breached its crucial support at 37,000 and slipped 1,249 points or 3.2 percent for the week ended September 21.

The carnage was more severe in small & mid-cap space as more than 70 stocks hit fresh 52-week low and 69 stocks slipped 10-40 percent in just 4 trading sessions, data showed.

As many as 76 stocks in the S&P BSE 500 index hit a fresh 52-week low which include names like Reliance Nippon, Jaiprakash Associates, IL&FS Transport
Networks, Force Motors, Jet Airways, Repco Home Finance, IRB infrastructure, JK Tyre, ICICI Prudential Life Insurance, and HSIL plunged 10-20 percent in just 4 trading sessions this week.

Indian markets remain in bear grip right from the start of the week largely weighed down by concerns over trade war, falling rupee, rise in crude oil prices, merger of three public sector banks which fuelled fears of further consolidation in the banking space, rising bond yields, selling by foreign institutional investors, and ‘rumours’ of default in one of the NBFCs firms.

Analysts feel that markets are in a bear grip and investors should avoid rate sensitive stocks and prefer companies in export-oriented space, as well as
consumer space.

Small & Mid-cap fell the most:

The S&P BSE Sensex fell a little over 3 percent this week but over 100 stocks in the small & mid-cap space plunged up to 40 percent in just four trading sessions.

As many as 111 companies in the S&P BSE Small-cap index fell by 10-40 percent this week which include names like Rolta India, Dewan Housing, IL&FS Investment Managers, DB Realty, Vijaya Bank, Swan Energy, Kwality, HCL Infosystems, Force Motors, Delta Corp, and Welspun Enterprises etc. among others.

Most analysts feel that the small & mid-cap space is likely to remain under pressure for some more time amid rising macro concerns and general elections.

source: moneycontrol.com