Sensex, Nifty: According to ICICI Securities, a 7–10% correction in a bull market is a typical occurrence over the previous 20 years.
At 79,578.22, the BSE Sensex dropped 486.94 points, or 0.61 percent. The smallcap and midcap indices fell 2–5–3%. As benchmark indices faltered due to weak quarterly results and a spike in US Treasury yields ahead of the US elections, all six of the seven companies on the BSE fell during Friday’s trading.
‘Buy on dips’ isn’t working, and investors are getting nervous due to strong FPI outflows. Friday was the sixth day in a row that domestic indices fell. These indices have fallen eight times in the last ten sessions. The impact on midcap and smallcap stocks has been significantly more severe.
At 79,578.22, the BSE Sensex dropped 486.94 points, or 0.61 percent. The smallcap and midcap indices fell 2–5–3%. Following their quarterly results, IndusInd Bank and RBL Bank saw a steep decline; Bajaj car and other car shares recently fell due to worries about festive demand.
