As Sensex plunged 1,200 points, 76 stocks hit fresh 52-week low in BSE500 index

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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.

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.

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.

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