Market continued to decline for the second consecutive week, 63 smallcap stocks broke 10-22%, know how it will move ahead

In the week ending February 18, the market closed on a decline for 2 consecutive weeks. Ongoing tensions between Ukraine and Russia, rising crude oil prices, concerns over global inflation and negative news like US Fed raising interest rates ahead of expectations kept the market under pressure. Due to which the market witnessed huge volatility throughout the week.

The BSE Sensex closed at 57,832.97, down 319.95 points, or 0.55 per cent, for the week gone by. On the other hand, Nifty closed at the level of 98.45 points or 0.56 percent.

If we look at different sectors, last week Nifty PSU Bank lost 4.6 per cent, metal index by 4 per cent and realty index by 2.7 per cent. On the other hand, the performance of mid and smallcap was weaker than the giants. BSE Midcap index closed 2 per cent lower and Smallcap index down 3.2 per cent.

There were about 63 smallcap stocks in which there was a decline of 10-22 percent. These include Axtel Industries, Syncom Formulations, Manappuram Finance, NRB Bearings, Mangalam Organics, Metropolis Healthcare, GRM Overseas, DB Realty, NLC India, Jindal Worldwide, Centum Electronics, Kuantum Papers, Jindal Poly Films, 63 Moons Technologies, Repco Home Finance and Bharat Contains the name of the Road Network.

On the other hand Sree Rayalaseema Hi Strength, TCPL Packaging, Excel Industries, Solara Active Pharma Sciences, Everest Industries, Eveready Industries India, Mirza International, Sandur Manganese, Vishnu Chemicals, RHI Magnesita India, Technocraft Industries (India) and Shree Pushkar Chemicals and Fertilisers Like shares saw a rise of 11-29 percent.

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Shrikant Chauhan of Kotak Securities It says that so far the company’s results in the third quarter have been largely stable and India’s medium term story remains strong. However, the rise in bond yields, geopolitical risks on the rise in crude oil prices continue to be a cause of concern for the market.

He further said that with the third quarter results coming to the very end of the season, the domestic market is now watching geopolitical events, policies of central banks, bond yields, crude oil prices, inflation data and global clash and domestic macro data. But will stay

Know how the market will move next week

Yesha Shah of Samco Securities says that with the end of the results season, the market will be seen dancing to foreign tunes in the coming weeks. The market will keep an eye on Ukraine-Russia case, inflation data and crude oil prices. Looking at the domestic market, volatility is likely to remain on Dalal Street due to monthly expiry next week. Apart from this, the market will also keep an eye on the ongoing assembly elections.

Investors are advised not to trade too aggressively and stay on the sidelines until the market stabilizes.

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