Broad market depicts weakness

Small-cap and mid-cap stocks dropped sharply today, 24 August 2015, amid a broad market meltdown on weak global cues.

At 09:51 IST, the barometer index, the S&P BSE Sensex, was down 832.79 points or 3.04% to 26,533.28. The BSE Mid-Cap index was down 377.79 points or 3.37% at 10,838.86. The BSE Small-Cap index was down 436.71 points or 3.76% at 11,173.73. Both these indices underperformed the Sensex.

Today's market meltdown was due to weak global cues. Asian stocks slumped today, 24 August 2015 as a rout in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown roiled world markets. US stock markets slumped on Friday, 21 August 2015, as concerns about the health of the Chinese economy rattled investors across the world.

The market breadth indicating the overall health of the market was extremely weak with over 11 losers for every gainer. On BSE, 1,361 shares declined and only 115 shares rose. A total of 12 shares were unchanged.

Top losers in the S&P BSE Mid-Cap index were Jaiprakash Power Ventures (down 7.72%), Indiabulls Housing Finance (down 6.48%), Tata Communications (down 6.15%), Jaiprakash Associates (down 5.93%), UPL (down 5.76%) dropped.

Top losers in the S&P BSE Small-Cap index were La Opala RG (down 13.87%), Kwality (down 10.77%), Stampede Capital (down 9.96%), Vakrangee (down 8.96%), Lifeline Drugs & Pharma (down 9.09%) declined.

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