The S&P BSE Smallcap Index plunged 3.48 percent, while S&P BSE Largecap and Midcap index fell 1.26 percent and 2.27 percent, respectively.
Midcap and smallcap indices gained 7.3 percent and 6.3 percent, respectively.
The BSE Midcap index has plunged a little over 11 percent and the BSE Smallcap index dropped nearly 14 percent in 2018. The carnage was similar on the NSE as well.
"We believe the trigger for the current panic is that Padam Chand Gupta, one of the two promoters, gifted nearly 2 percent of his 26 percent holding in the company to an undisclosed relative," says Akash Jain, Vice-president, Equity Research at Ajcon Global Services.
Bulls were in charge of D-Street in an action-packed week. Benchmark indices broke above key resistance levels on strong results from India Inc. except for Axis Bank. Falling rupee kept the IT and pharma pack buzzing.
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Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 60 points or 0.57 percent. Nifty futures were trading around 10,443-level on the Singaporean Exchange.
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Stocks which led the rally on D-Street include names like Jaiprakash Associates which rose 49.82 percent, followed by MMTC which gained 47.16 percent, and Vakrangee rallied 26 percent in just five trading sessions.
After a sharp correction seen throughout in the month of March, analysts feel that the Nifty could see a bounce back which could take the Nifty towards 10300-10400 levels. But, that would just be a ‘Dead Cat Bounce’ as the pain is not yet over.
Foreign institutional investors (FIIs) net investments in the month of February stood at Rs negative 12,000 crore largely on account of weak global cues and US bond yields rose to record highs which prompted global fund managers to shift some funds to bonds from equities.
Sharmila Joshi of sharmilajoshi.com advises exiting Vakrangee.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy KPIT Technologies and Siemens and can hold Sun Pharma and Vakrangee.
Ashwani Gujral of ashwanigujral.com recommends buying Tata Chemicals, CG Power and SREI Infra.
Rajat Bose of rajatkbose.com is of the view that Anant Raj may test Rs 75.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Asian Paints, Colgate and Interglobe Aviation and can sell Union Bank of India and SREI Infrastructure.
More than 60 percent of the stocks in the S&P Midcap index outperformed Sensex returns so far in the year 2017.
Ashwani Gujral of ashwanigujral.com suggests buying Vakrangee with a stop loss of Rs 735, target of Rs 770 and Mindtree with a stop loss of Rs 546, target of Rs 570 while he advises selling Bharti Infratel with a stop loss of Rs 381, target of Rs 364.
Sudarshan Sukhani of s2analytics.com is of the view that one can buy Ajanta Pharma, Ashok Leyland and Colgate Palmolive and can sell Idea Cellular and Tata Motors.
A Large part of the rally was driven by short coverings after Moody’s upgrade tilted the sentiment in favour of bulls. The rating upgrade comes after a gap of 13 years - Moody's had last upgraded India's rating to 'Baa3' in 2004. In 2015, the rating outlook was changed to 'positive' from 'stable'.
Apollo Hospitals has declined nearly 4 percent and shares of Britannia Industries, Petronet LNG and Vakrangee gained 1-7 percent intraday Tuesday.
Sudarshan Sukhani of s2analytics.com is of the view that one can sell Cummins India and L&T Finance Holdings and can buy Ashok Leyland, Hexaware Technologies, Dalmia Bharat and Bata India.
Rakesh Bansal of RK Global is of the view that one may buy M&M Finance with a target of Rs 447.