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Sensex plunge more than 140 points; mid-caps & small-caps underperform

Karan DSIJ
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Sensex plunge more than 140 points; mid-caps & small-caps underperform

Update at 12:20 PM After a flattish start with a positive bias on Friday, Sensex has slipped into the red, losing nearly 100 points on an intraday basis. 

Only six out of 30 Sensex stocks are trading in green with Asian Paints maintaining its top gainer status on Friday. ITC, Nestle, and Hindustan Unilever are amongst the top FMCG gainers, which are constituents of Sensex and are also supporting it from falling further.  

ONGC, M&M, and NTPC continue to bleed even as mid-caps and small-caps underperform the key benchmark index. 

Except for BSE FMCG index, all other sectoral indices are trading in red.  

Meanwhile, Nath Bio-Genes, Venky's, Avanti, ITC, Tasty Bites, etc are helping FMCG index trade higher.  

BSE Realty and BSE CPSE are the worst-impacted indices in today's trade, being down by nearly 3 per cent each.  

Update at 10:30 AM:Sensex, after a volatile start to the session on Friday, is trading in green with as many as 13 constituents inching up thereby, providing support to Sensex levels. 

Asian Paints is up by more than 9 per cent and with this, it has become the top Sensex gainer, followed by ITC, which is up by more than 2 per cent while Dr Reddy's is up by more than 1 per cent.  

ONGC, M&M, and Maruti are the worst-performing Sensex stocks in the morning session of the trade. 

The small-cap and mid-cap indices are seen to be underperforming Sensex in today's session. 

Bank of India, PI Industries, and Berger Paints are shining in the mid-cap space while in the small-cap space, we have Omaxe, HG Infra, and Kennametal, which are catching investors' attention with superlative performance.  

Almost all the sectoral indices are trading in red in the morning session with the exception of Bankex, BSE Telecom, BSE Consumer Durables and BSE Capital Goods indices.  

 

Nifty tanked badly on Wednesday as it remained under selling pressure right from the word go and breached the level of 14,700 on a closing basis. The majority of the sectoral indices ended in red; however, Nifty PSU Bank, Nifty Media, and Nifty Auto bucked the trend. Nifty PSU Bank was literally a showstopper on Wednesday as this sectoral index sky-rocketed over 3 per cent.   

The price action of the day has formed a bearish candle that resembles a bearish belt hold pattern on the daily chart as opening and high of the day were almost the same.   

Nifty gave up the bulk of its recent gains that were built in the previous week. Our premonition about the recent upmove with no trend strength has turned into reality. The failed breakout and combined breach of 50-DMA is not a good sign at all.   

Nifty declined below the 50-DMA and took support at the 20-EMA. With all probability, on a weekly chart, it could form a bearish candle dark cloud cover this weekend. On Wednesday, Nifty also fell into a falling channel. The RSI faced a stiff resistance near the zone of 58 and turned down. On a weekly chart, it has formed a new lower swing high.  

On the daily chart, it is on the verge of breaking the upward trendline support and if breaks below this support level, it could test the levels of 14,440 in the near term.   

The negative directional indicator i.e. the -DMI once again moved above the +DMI while the ADX declined further. These directional indicators have given signs of weakness in advance. On a 75-minute chart, the MACD fell below the zero line while the moving average (MA) Ribbon turned down. The above technical evidence is showing bearish signs. Currently, avoid aggressive fresh long positions in the index while focussing only on stock-specific activity. 

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