Nifty and Sensex Drops, Largecaps expected to benefit

NSE nifty was down by 0.14 per cent or 21.15 to 22,305.20 points, while the BSE Sensex was at 73,626 down by 0.03 per cent or 19.44 points. A total of 3,264 stocks were actively traded, 756 advanced, while 2,424 declined and 84 stocks remained unchanged where 37 stocks hit a 52 week high and 117 stocks hit a 52 week low at 9.30 am on Wednesday. 

Dr. 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 Smallcap segment. The excessive valuations in these segments driven by the irrational exuberance of retail investors has 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 Smallcap index by 10 per cent from the February 8th peak.

It is important to understand that 396 stocks are in the lower circuit indicating that there is more pain to come in this segment. Actions from mutual funds also indicate the excessive valuations in the broader market. ICICI Pru has joined two other leading funds in stopping lump sum investments in their mid and smallcap schemes. More are likely to follow Largecap. The net impact of this shift would be more money flowing into largecaps outperformance is likely to continue.”

Major gainers on the NSE at 9.30 am, include, ITC (5.49%), Wipro (1%), Nestle India (0.77%), ICICI Bank(0.69%), TCS (0.64%). Major losers include, Power Grid (-2.75%), NTPC (-2.38%), Coal India (-1.97%), ONGC (-1.79%), Tata Steel (-1.14%)

BSE Midcap was down by 1.48% and BSE Smallcap was down by 2.26%

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