Sensex, Nifty Crash: Over 200 Stocks Hit 2-20% Upper Circuits In 1-Day Despite Bear Market; Who Are They?

Sensex and Nifty Crash: Indian stock market closed October month on a bearish note with Sensex and Nifty 50 diving by nearly 0.6% on October 31, also ahead of the special Diwali Muhurat trading session which will take place on November 1. Despite the latest downfall, a total of 207 stocks managed to hit upper circuits in the range of 2% to 20%.

The meaning of upper circuits is that in the trading session, there were several buyers but no sellers. Hence, there was only buying sentiment in these 207 stocks on NSE.

Who are they?

5% Upper Circuits: Stocks like Wockhardt, GET&D, Kitex Garments, Paras Defence And Space, KPI Green Energy, Transformers and Rectifiers (India) Ltd, DCX Systems Ltd, TARC, Aurionpro Solutions, GEPIL, Lloyds Enterprises, NITCO, GTL Infrastructure Ltd, Dredging Corporation of India Ltd, Maharashtra Scooters Ltd, Pondy Oxides & Chemical, KDL, and Hindustan Motors among others -- were frozen at their 5% upper circuits.

20% Upper Circuits: Mufin Finance, Mirae Asset Hang Seng TECH ETF, and Goyal Aluminium Ltd are among the stocks that are locked at 20% upper circuits.

10% Upper Circuits: 63MOONS, HEC Infra Projects, BGR Energy Systems, B.A.G. Films and Media, kapston Services, and EXCEL were some of the stocks to hit 10% upper circuits.

2% Upper Circuits: Raj Rayon Industries Ltd, Siti Networks Ltd, Sanwaria Consumer Ltd, and Future Enterprises Ltd among other stocks to touch 2% upper circuits.

Notably, even when the market fell, there were merely 25 stocks to hit their lower circuits. In terms of new highs, a total of 60 stocks touched new 52-week highs while only 15% of stocks clocked new 52-week lows.

On the other hand, Sensex dipped by 553.12 points or 0.69% to end at 79,389.06, while Nifty 50 closed at 24,205.35 lower by 135.50 points or 0.6%.

Sensex's weekly performance is down by 289.79 points or 0.36%, and that of Nifty 50 underperformed its counterpart with the decline of 223.85 points or 0.92%.

On this week's performance, Vinod Nair, Head of Research, at Geojit Financial Services said, the domestic market exhibited initial signs of a positive reversal this week, coinciding with the festive season. This upward trend was bolstered by sustained healthy inflows from domestic institutions and a decline in oil prices. Market sentiment was further enhanced by expectations of easing tensions in the Middle East and improving India-China relations. Additionally, a recovery in core infrastructure output data for September, which moved out of negative territory it was in the previous month, provided support to infra and capital goods stocks. Mid and small caps saw bargain hunting post recent sharp corrections. PSU banks also saw some buying interest at lower levels.

However, Nair added that the recovery was short-lived as bearish sentiments prevailed due to concerns over sluggish corporate commentary and potential earnings cuts. Slower government spending in H1FY25 was noted; although a pickup is anticipated in H2, overall growth for the year is expected to be moderate. Aggressive selling by FIIs, due to a tactical shift to China, has impacted the domestic market appeal, which was already affected by weak corporate earnings and premium valuations.

Further, Nair said, "Any reversal in FIIs' stance will require an improvement in domestic corporate earnings and attainment of fair valuations. Of late, EMs are also consolidating ahead of the US presidential election and the upcoming FOMC interest rate decision."