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  Business   Market  09 Jul 2019  Sell on rise as market enters correction phase

Sell on rise as market enters correction phase

THE ASIAN AGE. | ASHWIN J PUNNEN
Published : Jul 9, 2019, 3:40 am IST
Updated : Jul 9, 2019, 3:40 am IST

The broader market BSE Mid-Cap and Small-Cap indices followed the benchmark, cracking up to 2.46 per cent.

The 30-share Sensex tanked 907 points before settling at 38,720.57 points, showing a sharp loss of 792.82 points or 2.01 per cent.
 The 30-share Sensex tanked 907 points before settling at 38,720.57 points, showing a sharp loss of 792.82 points or 2.01 per cent.

The market continued to reel under huge selling with the Nifty falling over 250 points intraday and Sensex fell more than 800 points, the worst single day fall in 4 years.

The 30-share Sensex tanked 907 points before settling at 38,720.57 points, showing a sharp loss of 792.82 points or 2.01 per cent. The broader Nifty tanked 252.55 points, or 2.14 per cent, to close at 11,558.60 points.

The broader market BSE Mid-Cap and Small-Cap indices followed the benchmark, cracking up to 2.46 per cent.

Technical View

"Monday's market fall has been due to a combination of global and domestic factors. Globally, a positive payroll expansion — ahead of estimations, has led to a fear of anticipated Fed rate cut not coming through. This fear of consequential impact on the global flows has been felt across emerging markets. Domestically, proposals in the budget to increase in minimum public shareholding levels to 35 per cent was a dampener along with 20 per cent tax on share buy-backs," said Pradeep Kesavan, Senior VP, Equity Strategy, Institutional Equities, Elara Capital.

There were more negative news in terms of cut in vehicle production announced by Maruti, deficit monsoons and reduction in area sown in Kharif crops, in an environment of continuing farm distress and weak demand for consumer products. With valuations not particularly cheap any more, all these factors weighed heavily on the market and precipitated a fall, analysts said.

Market View

"The market tone is clearly negative and the Nifty could inch further lower and test 11,400 ahead. Earlier, it was only the broader indices which were reeling under pressure and now the benchmark Index has also joined in, said Umesh Mehta, Head of Research, Samco Securities.

Tags: nifty, sensex, samco securities