Sell in May go away' came true; 376 stocks in BSE 500 index fell up to 67%
Foreign institutional investors pulled out more than Rs 8,000 crore from equity markets, and over Rs 17,000 crore from the India debt market which kept the pressure on the rupee.
The age-old saying ‘sell in May and go away’, which in fact was more relevant for US markets came true for Indian markets in 2018. The Nifty50 closed flat for the month of May but with a negative bias while three out of four stocks gave negative returns.
The Nifty50 slipped marginally to 10,736.15 on May 31 from 10,739.35 registered on April 30, although, the index managed to recover over 300 points from intraday low of 10,417.80 recorded on May 23
Shareholders of Vakrangee and Manpasand might have more than just a price fall to worry about. Stocks of both companies witnessed tremendous selling pressure after auditors of both the companies resigned ahead of quarterly results.
HCC came under pressure after auditor of the company’s unit Lavasa Corp had said on Wednesday it has “significant doubts about the company’s ability to continue as a going concern”. The news came out in the first week of May.
Trade war concerns between US and China, political uncertainty in Karnataka, rising crude oil prices, falling rupee against the dollar, disappointing results especially from public sector banks as well as relentless selling by foreign institutional investors (FIIs).
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