Moneycontrol
Last Updated : Mar 10, 2018 02:32 PM IST | Source: Moneycontrol.com

Selloff Week: Sensex, Nifty shed 2%; Metal index plunges 7%

Metal index underperformed the other sectorial indices with 7 percent cut during the week.

Moneycontrol News @moneycontrolcom

The Indian indices remain in sell mode as major index shed more than 2 percent during the week ended March 9, while Midcap index and Nifty PSU bank declined 4 percent and 5.4 percent respectively.

The markets for the first three days of the week remained under bears control, however it bounced in the Thursday’s trading session and closed flat on the last trading day of the week.

During the week, Sensex shed 740 points ended at 33307.14 and Nifty fell 231 points closed at 10226.85.

The foreign investors sold equities worth Rs 280.74 crore. However, domestic institutions bought Rs 131.07 crore worth of equities in last week.

Widely tracked Supertrend indicator also gave a sell signal on the weekly charts which suggest that bears are likely to remain in control at least in the short term.

As the name suggests, 'Supertrend' is a trend following indicator just like Moving Averages and MACD (Moving Average Convergence Divergence). It is plotted on prices and their placement indicates the current trend. The MACD also gave a Sell signal in the previous trading session.

The Nifty index has a strong support near 10,004 levels which is its 50-DMA. It broke below its 20-DEMA on the weekly charts on Friday.

The markets for the first three days of the week remained under bears control, however it bounced in the Thursday’s trading session and closed flat on the last trading day of the week.

“The Nifty50 registered a small bearish candle after moving in a narrow range of around 80 points but on weekly charts, it witnessed a Bearish Belt Hold kind of formation suggesting intense selling pressure throughout the week,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.

India's volatility index (India VIX) rose 3.2 percent last week. S&P BSE Midcap and largecap index declined 2.5 percent, and S&P BSE Smallcap index plunged 4.3 percent.

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Metal index underperformed the other sectorial indices with 7 percent cut during the week.

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Reliance Industries lost most of its market value on the Sensex, followed by ONGC, Bharti Airtel and Tata Motors.

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167 stocks has touched the 52-week high including Ashok Leyland, Cholamandalam Investment, Firstsource Solutions, while 500 stocks touched 52-week low including Andhra Bank, Adani Power, Bank of India and Bank of Baroda in the week ended March 9, 2018.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
First Published on Mar 10, 2018 02:13 pm
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