Mid-cap bloodbath dents Dalal Street: Over 300 stocks fall 5-20% today; Sensex loses 35,000-mark

The domestic sharemarket saw heavy sell-off in most of the mid-cap and small-cap stocks on Tuesday with scrips of Anil Dhirubhai Ambani Group’s telecom firm RCom plunging more than 8% and Aditya Birla Group’s telecom venture Idea Cellular slipping 10%. India’s equity market traded under tightened volatility with the headline indices Sensex and Nifty finishing down with large-cap shares of Infosys, L&T, TCS, ICICI Bank, Axis Bank, M&M, Yes Bank and Bharti Airtel witnessing the major brunt on Tuesday.

Market at close

The S&P BSE Sensex lost 108.68 points or 0.31% to 34,903.21, NSE Nifty slipped 35.35 points or 0.33% to 10,593.15, Nifty Bank shed 0.02% to 26,251, Nifty IT down 1.37% at 13,408.9, Nifty Auto down 0.33% at 10,986.95, Nifty FMCG down 0.17% at 28,346.45, Nifty Media down 2.06% at 3,098.55, Nifty Metal down 0.58% at 3,553.55, Nifty Pharma down 1.07% at 8,117.75,  Nifty PSU Bank down 0.38% at 2,880.65, Nifty Private Bank down 0.21% at 14,889.4, Nifty Realty down 1.05% at 278.6, Nifty Next 50 down 1.04% at 28,390.7, Nifty 100 down 0.43% at 10,892.85, Nifty 200 down 0.53% at 5,667.7, Nifty 500 down 0.71% at 9,110.5, Nifty Midcap 50 down 0.92% at 4,861.75, Nifty Midcap 100 down 1.27% at 18,194.6, Nifty Smallcap down 2.47% at 7,302.3 while Nifty Financial Services ended up 0.08% at 10,889.3. India Vix inched 5.38% lower to 13.1350 on Tuesday.

In the intraday session, the benchmark Sensex dipped 227.21 points to a day’s bottom of 34,784.68 on Tuesday.

Cautious market

Investors seemed to have turned cautious ahead of the outcome of the Reserve Bank of India’s second bi-monthly Monetary Policy Committee meeting. Meanwhile today, the MPC chaired by RBI Governor Urjit Patel proceeded with the deliberations for the second day. The RBI’s repo rate decision will be out on Wednesday, 6 June 2018, at around 2:30 pm. The six-member Monetary Policy Committee is meeting for three days for the first time ever in spite of regular two-day meet following some administrative exigencies. The Reserve Bank of India has raised the repo rate to 8% in January 2014 which is about four-and-half-years back. The present repo rate stands at 6%.

Over 300 stocks tank 5-20% today

Over 100 stocks from group ‘A’ and ‘B’ lost 5-18% on Tuesday following the massive plunge in the small-cap and mid-cap. Shares of HDIL (down 11.09%), Idea (down 9.96%), Avanti Feeds (down 9.12%), RCom (down 7.94%), Sterlite Technologies (down 8.29%), Deepak Fertilisers (down 7.79%), Biocon (down 7.09%), IL&FS Transmission (down 6.86%), GMDC (down 6.69%), Aban Offshore (down 6.52%) were the major losers from group ‘A’ on BSE. While, on the other hand, Kanani Industries (down 18.78%) KEI (down 14.53%), Thirumalai Chemicals (down 14.17%), Sangam (down 13.7%), A2Z Infra Engineering (down 13.03%), Nectar Lifesciences (down 12.87%).

In the ‘B’ group alone around 300 equity shares lost more than 5% including Ruchi Soya, Venky’s, HEG, Goa Carbon, Graphite India, Quick Heal Technologies, NDTV, Spice Jet, Tribhovandas Bhimji Zaveri and Lemon Tree.

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