Daily Big Picture: Lower Circuit for the Second Time in ONE month

Today’s Action

Nifty, -13%; Sensex, -13.2%; Nifty Midcap, -13%; Nifty Smallcap, -12.9%; Model Portfolio, 0%

Daily Market Review

Market Pulse:  Downtrend

Nifty, after a gap down opening, hit 10% lower circuit leading to a trading halt for 45 min. After the trading resumed, the index continued to post unidirectional downward movement and closed near the day’s low with significant losses. All Nifty stocks closed in the red. Axis Bank(-27.6%), Bajaj Finserv(-27.5%), and Indusind Bank (Nse)(-23.9%) were the top three decliners on Nifty. Today, Nifty breached its Friday’s low and made a new low of 7,583.6. So, today’s action led to a reset of follow-through day count for a rally attempt.

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