Nifty records worst fall since October 2018; over 22 stocks fall 20-50% in June
The Nifty50, which had hit a record high of 12,103 on June 3, failed to keep the momentum going and closed with losses of 1.12 percent in June. The index recorded its worst fall since October 2018 when it fell by nearly 5 percent. The index moved in a range and retested its crucial 50-days exponential moving average (EMA) for seven consecutive days in a row before bouncing back towards 11,900 levels. However, selling pressure at higher levels pushed the index below 11,800.
The index finally closed 52.70 points lower at 11,788. The index closed below its 5-day EMA, 20-EMA, as well as 13-EMA which does not augur well for the bulls.
More than 70 percent of the stocks or 356 in the S&P BSE 500 index gave negative returns in the same period. As many as 21 stocks in the 356 stocks fell 20-50 percent which include names like Jet Airways, Jain Irrigations, Reliance Infra, Reliance Capital, PC Jeweller, Reliance Power, and Reliance Communications, etc. among others.
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