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Unabated selling of Indian equities by foreign portfolio investors (FPIs) also pushed the headline stock index down. Marking the biggest annual outflow, foreign investors have so far sold Indian shares worth over Rs 2 lakh crore in calendar year 2022.
“Markets are largely taking cues from global markets, in the absence of any major domestic events. And, going forward, the US Fed chairman’s speech and China’s interest rate decision will be key triggers for the markets. On the domestic front, COVID trend and progress of Monsoon will also be taken into consideration. We reiterate our negative outlook on markets and suggest to continue with “Growth on sell” outlook, Mr. Ajit Mishra, VP – Research said,
Broking.
The broader markets also declined in line with the headline index. BSE The midcap and smallcap indices lost 5.3 per cent and 6.6 per cent, respectively.
four BSE500 Shares have lost 20 per cent or more in the past week, while 10 counters have lost more than 15 per cent.
shares of
It fell over 28 per cent after the private sector lender announced the appointment of veteran banker R Subramaniakumar as its new managing director and chief executive officer (CEO).
On Monday, the stock fell by nearly 19 per cent to Rs 92.95, its new 52-week low. Market participants have become cautious since the appointment of a PSU banker for a private lender, which has alerted investors. This has also led to a fall in the stock. Leading global broking firm CLSA has downgraded RBL Bank from buy to outperform while retaining its target of Rs 130 over the counter.
“Leadership flow and liability are major headwinds but the lender has a manageable asset quality,” it said. “RBI has approved R Subramaniakumar as the new MD and CEO of the lender, despite several questions.”
The share price fell more than 24 percent while it declined more than 21 percent. In the last week also, there has been a decline of more than 20 percent in investments. This was despite the fact that Viacom18, which holds a majority stake, won the digital streaming rights for the Indian cricket league IPL from 2023 to 2027.
Ten stocks fell more than 15 percent in the past week, including Angel One and
On the other hand, Petrochemicals Corporation lost 17.7 and 16.8 per cent, respectively. And . It declined by 16.25 per cent and 16.21 per cent, respectively.
The stocks which fell 15-16 per cent last week were
, Oil India and Trident.
“Following weak global cues, Nifty 50 ended the week sharply lower and decisively broke below the crucial support level of 15,700. While the market sentiment is extremely bearish, the indices have turned oversold in the near term. Major global indices are also trading closer. Supporting the descending channel,” said Yash 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 in the coming week and use any bounce as an exit opportunity. Immediate support and The resistance level is now placed at 15,200 and 16,200 levels respectively,” Shah said.
(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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