Market Selloff Widens as Mid and Small-Cap Stocks Struggle, 70 Stocks Decline by Double Digits

Market Overview: Volatile Week Ends with Losses

The BSE Sensex declined by 2,368.29 points (2.91%) to close at 78,918.90, while the Nifty50 shed 728.2 points (2.89%) to finish at 24,450.45. The BSE Midcap, Smallcap, and Largecap indices fell 3% each during the week.

Sectoral Indices Perform Poorly

Most sectoral indices ended in the red, with the Nifty PSU Bank index declining by 6.5%, followed by the Nifty Realty index, which fell 5%. The Nifty Bank index dropped 4.5%, while the Nifty Media index slipped 4.3% and the Nifty Private Bank index shed 4%. However, the Nifty Defence index bucked the trend, gaining nearly 5%.

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Foreign Institutional Investors (FIIs) Continue Selling

FIIs sold equities worth Rs 21,831.19 crore, extending their selling streak to the third consecutive week. Meanwhile, Domestic Institutional Investors (DIIs) remained net buyers, purchasing equities worth Rs 32,786.92 crore.

Stock Performance

The BSE Smallcap index fell 3.3% during the week, with stocks such as InfoBeans Technologies, Worth Investment & Trading, and Orchid Pharma falling between 15-25%. On the other hand, stocks such as Jindal Poly Films, Jindal Drilling Industries, and Sterlite Technologies added between 12-25%.

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Market Outlook

Technical analysts Nagaraj Shetti and Rupak De predict a bearish trend for the short term, with potential declines to 24,000 or lower. Immediate resistance is placed at 25,000.