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Almost Rs 10 Lakh Crore Lost Ahead of Budget as Markets Register Continuous Fall
In 2019, Finance Minister Nirmala Sitharaman ditched the colonial legacy of a Budget Briefcase for a Bahi-Khata to carry Union Budget Papers. Photo: PTI
Last week, BSE Sensex slipped 2,592.77 points or 5.3 percent to end at 46,285.77 and while the Nifty50 fell 737.3 points or 5 percent to finish at 13,634.60 levels.
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The market witnessed continuous selling throughout the truncated week ended January 29 amid volatility due to monthly expiry, FII selling, and weak global markets. Meanwhile, market participants also booked profit ahead of the Union Budget to be presented on February 1.
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Consumer goods stocks were trading in red, with the S&P BSE Consumer Discretionary Goods & Services index decreasing 43.18 points or 0.93% at 4624.55 at 13:48 IST. Among the components of the S&P BSE Consumer Discretionary Goods & Services index, Kaya Ltd (down 4.63%), Team Lease Services Ltd (down 3.79%),Jay Bharat Maruti Ltd (down 3.58%),Shalimar Paints Ltd (down 3.43%),Balkrishna Industries Ltd (down 3.37%), were the top losers. Among the other losers were Balaji Telefilms Ltd (down 3.29%), Kirloskar Oil Engines Ltd (down 3.25%), Tribhovandas Bhimji Zaveri Ltd (down 3.13%), Kansai Nerolac Paints Ltd (down 3.08%), and Motherson Sumi Systems Ltd (down 2.9%). On the other hand, V2 Retail Ltd (up 4.99%), IFB Industries Ltd (up 4.97%), and Orient Electric Ltd (up 4.93%) turned up.
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NEW DELHI: The BSE Midcap index might be trading at a record high, but two-third of index stocks still need to rise at least 20 per cent and up to 1,242 per cent to regain their previous peaks.
As of Friday, out of 97 Midcap index stocks, 60 needed at least 20 per cent rise to revisit their highs: 40 among them needed over 50 per cent jump and seven needed at least 500 per cent surge, data compiled from corporate database Ace Equity suggests.
Analysts said the rally in the midcap space has been polarised. Only select midcaps have participated in the rally; and they too were the ones that usually have high market capitalisation and valuations, they said.