Market breadth turns very negative as 88 pc of stocks decline

  • IANS
  • Stock Market News
Market breadth turns very negative as 88 pc of stocks decline
Credit: © Reuters.

New Delhi, March 13 (IANS) Deep cuts in PSU, power, infrastructure, metals, realty stocks have led to a sharp fall in the markets. BSE Sensex plunged to 72,888.21 points, a fall of 779.75 points or 1.06 per cent. Among the Sensex losers, Powergrid is down more than 6 per cent, NTPC (NS: NTPC ) is down 6 per cent, Tata Steel (NS: TISC ) is down more than 4 per cent.

Deep cuts are being seen across sectors. The PSU stocks index is down more than 5 per cent, utilities index is down more than 6 per cent, realty index is down more than 5 per cent, metals index is down more than 4 per cent.

This is adding to the misery in small caps which are down more than 4 per cent. Mid caps are down more than 3 per cent. SME IPO index is down more than 4 per cent.

The market breadth is very negative with 88 per cent of the stocks declining. As many as 975 stocks have hit the lower circuit indicating the extent of the selling pressure.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said in the near-term investors should focus on the sustained weakness in the broader market, particularly the small cap segment. The excessive valuations in these segments driven by the irrational exuberance of retail investors have been a concern for many months now. But it has taken the strong message from the regulator SEBI to trigger a correction in the Nifty Small cap index by 10 per cent from the February 8 peak.

--IANS

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  • naveen sk @naveen sk
    better all retail investors start removing from sips, let the market fall and let's not do any sips for 2-3 months.... then sebi will realize their mistake
    Like 1
    • naveen sk @naveen sk
      let's all stop trading in fno
      Like 0
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  • vinay kumar @vinay kumar
    Another 10% decline is easily expected.
    Like 0
  • Harish Kamath @Harish Kamath
    What were Sebi doing when stocks were rising ? They reacted only after they booked maximum profits in their own pockets.
    Like 5
  • dipen patel @dipen patel
    sebi should stop such a comment because it hurt small retail investors no one is going to invest if such a discouraging comment continue from sebi
    Like 5

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