140 smallcaps shed up to 40% as market ends January 2% down

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February 4, 2023
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It will be a busy week ahead. The is RBI meeting for its bi-monthly policy review, the US and the UK are to share trade data and China due to release its inflation figures, which all have a bearing on how the markets play

The market remained under pressure in January, with equity benchmarks losing 2 percent but in the week ended February 3, the bulls were back in action amid high volatility amid the Union Budget, FII selling, mixed Q3 earnings and rate hikes by major central banks.

For the week, the Sensex added 1,510.98 points, or 2.54 percent, to close at 60,841.88 and the Nifty rose 249.65 points, or 1.41 percent, to end at 17,854.

The BSE smallcap index rose 0.86 percent, midcap 0.45 percent and the largecap index added 0.42 percent during the week but they ended January, 2.5 percent, 2.65 percent and 3.6 percent, lower, respectively.

In the week gone by, the Nifty breached its 40-WEMA on an intraweek basis but received support near the lower end of the downward sloping channel and the 200 DMA and recovered, said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

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