Over 400 stocks plumb to 52-week low in Friday#39;s carnage; 5 highlights of session

It won’t be too much to call it a Black Friday.

A strong wave of selloff engulfed the Indian market on February 28 that saw the market benchmarks extend their losing streak into the sixth consecutive session.

The Sensex nosedived 1,448 points, or 3.64 percent, to 38,297.29, while the Nifty plunged 432 points, or 3.71 percent, to 11,201.75. In the last six days, the Sensex has come off 3,026 points and the Nifty has lost 924 points.

Here are 5 highlights of the day’s session:

Sensex’s second worst day in history

Data shows Friday 28 was the second worst fall in the history of benchmark Sensex. On August 24, 2015, the Sensex tanked 1,624.51 points on a surge in global crude prices and a strong selloff in Chinese equities.

The third biggest fall was of 1,408 points on January 21, 2008, and the fourth of 1,070 points on October 24 the same year, as the US battled a recession and the world a financial crisis.

There have been only four occasions in history when the Sensex lost more than 1,000 points in a single day.

Poorer & poorer

BSE investors were left poorer by Rs 11.8 lakh crore in six sessions as the overall market capitalisation of BSE-listed firms dropped to Rs 146.94 lakh crore from Rs 158.71 lakh crore on February 19. On February 28 alone, Rs 5.46 lakh crore of investors’ wealth was wiped out.

437 stocks hit 52-week lows

As many as 437 stocks, including Hero MotoCorp, IndusInd Bank, ITC, Larsen & Toubro, Mahindra & Mahindra and ONGC, hit their 52-week low on BSE.

On the other hand, some 36 stocks, including Mishra Dhatu Nigam, DIC India and Ruchi Soya, hit their 52-week high amid a widespread selloff.

335 stocks hit lower circuits

Indiabulls Real Estate, Indiabulls Integrated Services, Shankara Building Products, Reliance Capital and Reliance Power were among the 335 stocks that hit the lower circuit on BSE.

Meanwhile, 106 stocks, including DHFL, Ruchi Soya and Reliance Home Finance, hit their upper circuits.

Nifty formed a ‘Long Black Day’ candle

The Nifty formed a Long Black Day candle on the daily charts.

The index is approaching certain critical long-term averages on longer time-frame charts from where it took to support and staged a rally after major corrections in the past.

“If the downswing continues even in the next week, then ideally he Nifty should hold these levels to expect some sort of decent pullback rally. In case of a pullback, initial target can be towards 11530,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, told Moneycontrol.

“Considering the deep cuts and uncertainty surrounding the global markets it looks prudent on the part of traders to remain neutral and wait for some consolidation before initiating long positions,” he said.

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