Market Meltdown
ITC, UltraTech Cement, HCL Technologies, Kotak Mahindra Bank, and ICICI Bank gained, while Adani Enterprises, Coal India, Adani Ports, Power Grid Corporation, and NTPC lost the most.
BSE Midcap index declined 4%, the largest drop since December 2021, while Smallcap index sank 5%.
On March 13, broad-based selling and the mid and smallcap crisis spooked investors and drove the Indian market down.
At closure, the 30-pack Sensex down 906.07 points, or 1.23 percent, to 72,761.89, while the broad-based Nifty fell 338.00 points, or 1.51 percent, to 21,997.70.
Indian benchmarks opened positively due to mild CPI statistics and sustained industrial output growth, but selling accelerated in the second half, bringing the Nifty below 22,000.
Sectors and stocks
Adani Enterprises, Coal India, Adani Ports, Power Grid Corporation, and NTPC were the largest Nifty losses, while ITC, UltraTech Cement, HCL Technologies, Kotak Mahindra Bank, and ICICI Bank gained
Real estate, media, PSU banks, telecom, electricity, oil & gas, and metals fell 4-6 percent, barring IT.
The broader markets suffered most. Midcap and smallcap BSE indexes fell 4-5 percent.
The BSE Midcap index lost 4%, the worst drop since December 2021, while the Smallcap index sank 5%, the biggest drop since February 2022.
Individual equities including Adani Enterprises, Sun TV Network, and Colgate Palmolive had volume spikes of 200 percent.
NMDC, RBL Bank, and India Cements built up short, whereas ITC, Abbott India, and ICICI Bank built up long.
March 14 forecast
Markets experienced a 1.5% drop after a week of narrow range. The Nifty initially drifted gradually, but the pace of decline intensified as the day progressed. Metal, realty, and energy lost over 5% each, while broader indices lost 4%-5%. The Nifty slipped below its short-term moving average support and breached trendline support, putting pressure on midcap and smallcap space. It is recommended to maintain negative bias in the index and use rebound to create short positions. Traders should avoid adding to their loss-making positions and prefer index majors over others.
The Nifty has broken from a rising channel, signaling the end of an uptrend and potential downtrend. The index has fallen below the consolidation phase, highlighting increasing weakness. The Relative Strength Index (RSI) has a bearish crossover and dropped below the 50 mark. The index may face selling pressure in the short term, with resistance around 22,250, and support levels at 21,800 and 21,700.
| FII Sold | 4,595.06 Cr |
| DII Bought | 9,093.72 Cr |
Indian Market Stocks
| Sensex | -906.07 | +0.22% | 72761.89 |
| Nifty 50 | -338.00 | +0.01% | 21997.70 |
| Bank Nifty | -301.10 | -0.10% | 46981.30 |
Market Movers
| ITC | 18.00 4.45% | Power Grid Corp | -20.85 -7.31% |
| ICICI Bank | 7.10 0.66% | Coal India | -32.25 -7.18% |
| Kotak Mahindra | 9.20 0.53% | Adani Ports | -91.75 -7.05% |
| Cipla | 5.50 0.38% | Adani Enterpris | -216.30 -6.93% |
| Bajaj Finance | 20.10 0.31% | NTPC | -22.25 -6.45% |
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Nifty Remains Steady Nifty Remains Steady Nifty Remains Steady Nifty Remains Steady
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
The Nifty has experienced a decline, closing the day around 160 points lower. The daily charts show no follow-through buying interest after a breakout, and selling pressure at higher levels could lead to a slipping back into the consolidation zone. The Bollinger bands are contracting, indicating a range contraction. The Bank Nifty has not maintained positive momentum, and it could slip towards the 46900-46800 range. The overall trend is bullish, with an intermediate corrective phase in progress. Short-term weakness could lead to a decline towards the 22200-22250 range.
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