Terrible week for mkt; Nifty Junior remains worst performer

CNBC-TV18’s Executive Editor, Udayan Mukherjee - I am just rubbing my eyes looking at some of the prices on the screen even for the largecaps names. I didn’t think they would be here so soon. They may not be the best stocks in this market anymore but Tata Motors at Rs 440, so quickly the stock has broken down after the rights issue got announced. ICICI Bank at Rs 650 and still no signs of stopping there, the way it is slipping. HDFC is back to a couple of Rs 1,000. A lot of stocks have broken down to levels, which seem quite unbelievable in such a short span of time but that are what happens when prices keep coming off a bull market top.

It was a terrible week for the market. The June series ended about 12% down for the Nifty. This week we are down 5% on the Nifty and about 8-9% on the Nifty Junior. There is continuous damage happening to stock prices in the largecap and in the midcap universe. The breadth has been consistently bad and today’s breadth has been very bad as well. But it is the non-index largecaps, which have taken the heaviest toll. The Nifty Junior consistently remains the worst performing index. We closed almost at the lows of the day at 4125 -- not very far away from the low that we hit a couple of days back of 4093. The Sensex is pretty much back to its lows 13,760 -- 660 points down.