Berger Paints with a stop loss of Rs 362 and a target of Rs 380 and Petronet LNG with a stop loss of Rs 251 and a target of Rs 275

The market gained for the third consecutive session with the Nifty closing above 11,100 levels on August 27, driven by banking & financials, auto, FMCG and metal stocks. Positive global cues and RBI's decision to transfer Rs 1.76 lakh crore to the government, aided sentiment.

The BSE Sensex climbed 147.15 points to 37,641.27 while the Nifty 50 rose 47.50 points to 11,105.40 and formed a Doji kind of candle on the daily charts, which generally signals indecisiveness among the bulls and bears.

The gains in broader markets were higher than benchmarks as the Nifty Midcap rose 0.74 percent and Smallcap index was up 1.8 percent.

According to the pivot charts, key support level is placed at 11,055.93, followed by 11,006.57. If the index starts moving upward, key resistance levels to watch out for are 11,148.23 and 11,191.17.

Nifty Bank closed at 28,126.15, up 0.63 percent on August 27. The important pivot level, which will act as crucial support for the index, is placed at 27,965.44, followed by 27,804.67. On the upside, key resistance levels are placed at 28,282.34 and 28,438.47.

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The lender is looking to buy out assets worth around Rs 6,000 crore from the fund-starved non-banking finance companies this quarter

Shares of Bank of Baroda climbed over 4 percent on BSE on August 27, a day after the public lender said it's capital raising committee has approved raising up to Rs 2,150 crore in Tier-I, II bonds

"...capital raising committee of our bank has approved today i.e. on 26.08.2019, the issuance of Basel III compliant additional Tier I bonds for aggregate total issue size not exceeding Rs 1,650 crore, with a base issue size of Rs 500 crore and a greenshoe option to retain oversubscription up to Rs 1,150 crore," the bank said in a regulatory filing.

Meanwhile, the bank is looking to buy out assets worth around Rs 6,000 crore from the fund-starved non-banking finance companies this quarter, PTI reported on August 26, quoting a senior bank official.

The lender had already bought around Rs 3,500 crore loans from NBFCs in the June quarter, while for the year March 2019, it had purchased assets worth around Rs 10,000 crore from NBFCs/housing finance companies.

The bank is in discussions will NBFCs/HFCs such as PNB Housing Finance, Indiabulls Consumer Finance, IIFFL, Annapoorna MFI among others for this, the report further said.

In the budget, the government had said it would provide a one-time six months' partial credit guarantee to public sector banks for the first loss of up to 10 percent on their purchases of high-rated pooled NBFC assets, amounting to Rs 1 trillion.

The lender is also targeting to disburse Rs 1,000 crore under the Reserve Bank's recently introduced co-origination model between banks and non-banking financial companies, this quarter and has already lent Rs 50 crore to Srei Finance and Edelweiss Financial.

The bank is also in talks with 10 more NBFCs and micro-finance companies, including Cholamandalam, Indiabulls Housing, Adani Capital, IIFL Finance, Hero Housing, and Centrum Housing, among others for this

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The company in January had announced that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore

Shares of Infosys slipped almost 2 percent in early trade on August 27 in an otherwise positive market.

The IT major on August 26 said a board committee has approved the closure of the Rs 8,260 crore buyback offer with the company utilising almost full size of the issue approved.

The company in January had announced that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore (maximum buyback size) at a price not exceeding Rs 800 per equity share.

"... the Buyback Committee has approved the closure of the Buyback pursuant to the terms of the Public Announcement, with effect from today, i.e. August 26, 2019, prior to the expiry of six months from the commencement date," Infosys said in a regulatory filing.

Shares of Infosys traded 1.67 percent down at Rs 789.50 on BSE around 0925 hours (IST).

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The next immediate support for Nifty50 is placed at around 10,750 and then towards 10,600 levels, while resistance is observed at 11,110 and then towards 11,200 levels.

The benchmark index, Nifty50 breached its previous four-day consolidation pattern on the downside on August 21 to close below 11,000 levels. On the daily time frame, the index witnessed a breakdown from the bearish flag pole pattern which can further sink prices towards its next immediate support which is placed at 10,600 levels.

Previous three days’ candle formation suggests that the immediate pullback got capped at 11,200 levels, and the index has now opened the gate for further downside.

The NSE-NIFTY reversed before visiting its short-term moving average placed at the 20-day EMA the daily interval.

On the Options front, maximum Put open interest is placed at 10,850 followed by 10,500 strikes while the maximum Call open interest is seen at 11,000 followed by 11,500 strikes.

The next immediate support for Nifty50 is placed at around 10,750 and then towards 10,600 levels, while resistance is observed at 11,110 and then towards 11,200 levels.

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The top Nifty50 gainers include Infosys, Wipro, TCS, Bharti Infratel and Maruti Suzuki while the top losers are YES Bank, Indiabulls Housing Finance, IndusInd Bank, UltraTech Cement and Britannia Industries.

Benchmark indices remained volatile with the Sensex shedding 89 points to 37,312 and the Nifty is lower by 39 points to 11,014.

Nifty PSU Bank is down over 2 percent dragged by Bank of Baroda, Bank of India, IDBI Bank, Union Bank of India, Punjab National Bank, State Bank of India and Canara Bank.

The midcap index shed a percent, the top losers being DHFL which is down over 6 percent followed by Century Textiles, Dish TV, Federal Bank, GMR Infra, M&M Financial Services, NBCC and SRF among others.

From the metal space, the top losers are Hindustan Zinc, NMDC, SAIL, Coal India, Jindal Steel & Power and Hindustan Copper.

However, Nifty IT is the outperforming sector after rupee remained weak against the US dollar. The top gainers are Infosys, Tata Consultancy Services, Wipro, Mindtree and HCL Tech.

Selective auto stocks are trading in the green led by Maruti Suzuki, Bajaj Auto, Motherson Sumi Systems, Tata Motors and Hero MotoCorp.

India VIX marginally up 0.72 percent and is trading at 16.87.

The top Nifty50 gainers include Infosys, Wipro, TCS, Bharti Infratel and Maruti Suzuki while the top losers are YES Bank, Indiabulls Housing Finance, IndusInd Bank, UltraTech Cement and Britannia Industries.

The most active stocks are YES Bank, Indiabulls Housing, Reliance Industries, ICICI Bank and Maruti Suzuki.

180 stocks have hit 52-week low on BSE including NCC, NBCC, SAIL, Britannia Industries, BHEL and Cummins India among others.

528 stocks advanced and 1151 declined while 428 remained unchanged on the NSE. On the BSE, 688 stocks advanced, 1267 declined and 125 remained unchanged.

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Shares of Tata Motors kicked off August 20 session on a bumpy track as the stock declined over 1 percent but rebounded soon to trade with a gain of about half-a-per cent.

The stock swung between gains and losses a day after CARE Ratings downgraded its long-term credit rating, in the light of the weak financial performance of its British subsidiary Jaguar Land Rover Automotive PLC (JLR).

CARE Ratings downgraded the rating on the long-term bank facilities of Tata Motors to 'AA-/Negative' from 'AA/Stable' but reaffirmed rating on short term bank facility and commercial paper at 'A1+'.

In a similar move last week, CRISIL downgraded the rating on the long-term bank facilities of Tata Motors to 'AA-/Negative' from 'AA/Negative' but reaffirmed rating on short term bank facility, commercial paper and short-term debt at 'A1+'.

Hit by the weakness in the global economy amid the US-China trade war and Brexit woes, JLR's sales have been deteriorating of late. Its wholesale volumes declined about 10.8 percent in fiscal 2019 over the previous fiscal and were about 10 percent lower year-on-year in Q1.

Reduction in volumes has been largely driven by a slowdown in China, ongoing uncertainties around diesel vehicles in Europe, and weaker volumes in overseas markets.

Given the high operating leverage in this business, declining volumes have impacted profitability, reflected in operating margins of 8.2 percent in FY19 and 4.2 percent in Q1 FY20, down from 10.8 percent in FY18 and 6.2 percent in Q1 FY19.

Shares of Tata Motors traded at Rs 121.35, up to Rs 0.60 or 0.50 percent on BSE around 0945 hours.

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Low-cost carriers SpiceJet and IndiGo would shift their operations to the Indira Gandhi International Airport's T3 from T2 from September 5

While SpiceJet would shift its entire operations, the largest private carrier IndiGo would move part of their local flights.

With rising air traffic and a surge in flight movement from the IGI airport, private airport firm Delhi International Airport Ltd (DIAL) is in the process of upgrading the T2 terminal.

"Post completion of capacity enhancement of T2, the terminal will be able to handle 18 million passengers per annum (MPPA), up from current 15 MPPA (now)," DIAL said in a statement.

Videh Kumar Jaipuriar, CEO of the airport firm, said that with Delhi airport witnessing a surge in passenger traffic, DIAL is enhancing the capacity of T2.

"The move will ease the pressure of fast-growing traffic so that the capacity enhancement works at Terminal 2 can be carried out effectively and efficiently. We appreciate SpiceJet and IndiGo for their agreement to shift their operations from Terminal 2 to Terminal 3," he said.

Another low-cost carrier GoAir would, however, continue its operations from T2.

At present, GoAir fully and SpiceJet and IndiGo partially operate their respective domestic flights from T2. National carrier Air India, Vistara and Air Asia India operate completely out of T3.

The revamped Terminal 2 was operationalized in October 2017, which saw the partial shifting of SpiceJet and IndiGo, and complete shifting of GoAir from Terminal 1.

Meanwhile, DIAL has started Phase 3A expansion works of airside as well as Terminal 1 and Terminal 3 to make Delhi airport future-ready. This will increase the airside capacity to 140 MPPA from 100 MPPA by July 2022.

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Shares of multiplex operators PVR Ltd and Inox Leisure Ltd are now down about 1.6% and 3.2%, respectively, after Reliance Industries Ltd’s (RIL’s) annual general meeting. 

The stocks had fallen much more last week, after the oil-to-telecom conglomerate’s bundled entertainment offering including a disruptive concept for watching new movies at home on the same day they are released in theatres.

Why are investors breathing easy? To start with, since RIL hasn’t given many details about its plans, the exact impact is difficult to quantify at the moment. “We do not expect any material impact on overall revenues of PVR as such a segment which subscribes to ‘premium Jio Fiber’ would be relatively small," analysts from Bank of America Merrill Lynch said in a note to clients.

Analysts at HSBC Securities and Capital Markets (India) Pvt. Ltd said to its clients, “We do not think exhibition players such as PVR and Inox Leisure will be affected by Jio’s movie offering as out-of-home entertainment demand cannot be challenged by at-home movie offerings."

As such, considering that RIL is looking to launch the so-called First Day First Show service only in the middle of 2020, from a near-term perspective, the threat from this move seems limited.

Still, the uncertainty of how the situation would evolve may weigh on multiplex stocks.

If JioFiber manages to screen popular movies on the same day as their launch on theatre screens, the impact will not be trivial.

“Reliance JIO’s announcement of ‘First Day First Show’ movie launch is in-line with our long-term thesis that consumers will reduce the visits to a multiplex due to the content being available on OTT," said Spark Capital Advisors (India) Pvt. Ltd’s analysts in a report on 19 August. OTT is over-the-top and refers to internet streaming media services such as Amazon Prime Video and Netflix.

Given more choices at the consumer’s disposal, it will be interesting to watch if at-home movie offerings will take a big bite from the out-of-home entertainment demand. “Theatrical and at-home are two completely different experiences and each has their own places. Both these experiences have co-existed and prospered for decades and will continue to so in future," said PVR in a statement on 13 August.

From a medium- to long-term perspective, there are potential risks, nonetheless. “With content producers deriving ~75% of their revenues from theatrical Box Office collections, we see no immediate impact to PVRL’s footfalls; however, we believe more movie producers will commence embracing the OTT format over the long term as they begin to see a value proposition emerging out of the new modus operandi," added the analysts at Spark Capital.

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shares of Info Edge (India) Ltd, which runs internet portals Naukri.com and 99acres.com among others, have been on a tear, zooming 47%, thanks largely to the increase in valuations of its investments in Zomato.com and Policybazaar.com. The food delivery business has been successful in raising funds from marquee investors at higher valuations. Its insurance arm has been fairly successful in this regard as well

This rubbed off positively on the Info Edge stock. Note that the rally in its shares comes at a time when the markets have corrected by nearly 10% in the past year. But as valuations have been tipping too high, analysts have started to downgrade the stock.

“Info Edge’s market leadership positions in the recruitment and real estate segments, as well as investments in Zomato and Policybazaar make it well-positioned in the classifieds space. Current valuations, however, more than capture these positives," said analysts at Kotak Institutional Equities. The brokerage house downgraded the stock to “sell" lately.

Meanwhile, the company’s stand-alone numbers are showing an encouraging trend in the recruitment business, though its investments in other ventures are still losing money. Billings on its flagship jobs portal Naukri.com remained robust and continued to lead the revenues.

Overall, revenues grew at 20.5% on a stand-alone basis in the first quarter as compared to last year, much in line with what analysts were estimating.

Recruitment revenues grew 19.2% year-on-year through Naukri.com. Those at realty site 99acres.com grew at a faster clip at about 34.6% year-on-year, but that’s because the base is smaller. Other segments contributed about 10% of revenue growth.

As pointed out earlier in this column, Info Edge is a bit off an oddball in the internet space. Its mainstay businesses have fairly steady profits and cash flows. Of course, the story is different when it comes to its investments such as Zomato. But even their valuations have risen as a result of investor interest. With valuations now seeming full and downgrades beginning, it remains to be seen whether returns will continue to impress.

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It is a positive start for the Indian indices on August 19 with Nifty 

The Sensex is up 206.35 points at 37,556.68, while the Nifty is up 61.80 points at 11,109.60. About 552 shares have advanced, 197 shares declined, and 49 shares are unchanged. 

Interglobe Aviation, Sun Pharma, Titan, Indiabulls Housing, UPL, JSW Steel, Dr Reddy's Lab, Cipla, Bajaj Finserv, Axis Bank, Tech Mahindra, Hero Moto, Bharti Airtel, are some of the major gainers on the indices in the early trade, while losers are Unichem Lab, Power Grid, Zee entertainment, Asian Paints and M&M.

All the sectoral indices are trading in the green led by the pharma, IT, bank, auto, FMCG, infra and metal.

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The company reported a standalone net profit of Rs 25.28 crore for the quarter ended June 30, 2019, as compared to Rs 5.03 crore in the same period last year, registering a year-on-year growth of 402.58 per cent. Net revenue of the company declined moderately by 10.27 per cent at Rs 167.96 crore in the April-June quarter of this fiscal as against Rs 187.18 crore in the corresponding period last year. During the April-June quarter, operating expenses dropped by 18.45 per cent to Rs 176.03 crore from Rs 215.85 crore in the year-ago period.

Other Income grew by 19.95 per cent at Rs 51.40 crore versus (Jun'18 Rs 42.85 crore). Operating profit slipped by 71.86 per cent to Rs -8.07 crore as against Rs -28.68 crore in the year-ago period, while Operating Profit Margin (OPM) expanded year-on-year to 68.67 per cent in June quarter. Interest declined by 64.10 per cent y-o-y to Rs 0.14 crore, while Taxation increased by 486.63 per cent at Rs 10.97 crore (Jun'18 Rs 1.87 crore).

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Such sharp rallies are often a result of some pep talk or some relief measure which often fizzles out trapping the bulls who bought on the hopes that a new rally will begin

The Indian market snapped a four-week losing streak to close with gains of over 1 percent. The Nifty rose 1.02 percent while the S&P BSE Sensex closed with gains of 1.25 percent for the week ended August 9.

The S&P BSE Sensex is now back above 37,000 while the Nifty also managed to reclaim 11,100 levels for the first time since July 31.

The broader market performed in line with benchmark indices as the S&P BSE Midcap index rose 0.92 percent while the S&P BSE Smallcap index closed with gains of 1.62 percent for the week ended August 9.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 21 percent YoY during June quarter, to Rs 592 crore

Shares of Tata Chemicals gained nearly 3 percent intraday on August 9 after the company reported a 19.47 percent jump in consolidated net profit at Rs 312.59 crore for the quarter ended June 2019 on the back of strong sales.

Net income of the company increased to Rs 2,984.79 crore from Rs 2,850.77 crore in the same quarter of the previous fiscal, the company said in an exchange release.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 21 percent YoY during June quarter to Rs 592 crore.

"The company has posted a healthy growth on a consolidated basis across all business segments," Tata Chemicals Managing Director R Mukundan said.

"Our investment in a bicarbonate unit in the UK using innovative carbon capture process and Mithapur plant(in Gujarat) expansion will provide significant thrust to our growth," he said, adding the company is elated to have received the environment clearance for the expansion at Mithapur plant.

The company will continue to focus on its nutritional science and material sciences business towards scale by strengthening the innovative funnel to ensure aggressive growth in the Specialty Products Business, Mukundan added.

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Indian automaker Mahindra and Mahindra Ltd said on Thursday it plans to open a plant in Flint, Michigan, to make vehicles including mail delivery trucks for the U.S. market, a move that could create up to 2,000 jobs

Mahindra already produces its off-road Roxor vehicle at its manufacturing facility in Auburn Hills, Michigan, which is at full capacity.

"A significant facility expansion is envisioned to support manufacturing and assembly of new products for the U.S. market," Mahindra said in a statement.

Production of the company's mail delivery trucks is dependent on Mahindra winning the United States Postal Service's 'next-generation delivery vehicle' contract, which will be announced later this year and has four other contenders, the company said.

Mahindra said it is also in talks with several other states that have suitable sites, and its decision could be influenced in part by the financial incentives that Michigan will provide.

"While we're keeping our options open, we think the former Buick City site in Flint would be a great fit for us," said Rick Haas, chief executive officer of Mahindra Automotive North America.

"It's close to our current facility, which improves overall enterprise efficiency."

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ICICI Direct is bullish on Indian Hotels has recommended buy rating on the stock with a target price of Rs 165 in its research report dated August 07, 2019

Indian Hotels reported a weak set of Q1FY20 numbers. While domestic network hotels witnessed 4.2% growth YoY, the international business continued its turnaround growing 8.2% YoY. Overall revenues increased by 4.1% YoY to Rs 1020 crore (vs. I-direct estimate of Rs 1065 crore) during the quarter. EBITDA on a reported basis was at Rs 173 crore while for a like-to-like comparison, EBITDA was at ~Rs 128 crore (vs. I-direct estimate of Rs 131 crore). Adjusted EBITDA margins for the quarter came in at 12.5%, improving ~120 bps YoY (broadly in line with I-direct estimate of 12.3%). PAT for the quarter was at Rs 5.7 crore. However, the same is also not comparable. On a comparable basis, PAT was at Rs 14 crore for Q1FY20, below I-direct estimates of Rs 22.9 crore on account of higher tax provisions during the quarter.

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Utilise downsides in the pair to initiate long positions, says ICICIdirect

The Indian rupee has recovered marginally but trading lower by 12 paise at 70.93 per dollar versus Tuesday's close 70.81.

The Indian rupee extended losses for the fourth session on Tuesday, dropping 8 paise to 70.81 against the US dollar ahead of the RBI's monetary policy decision. Unabated foreign fund outflows and higher crude oil prices have taken a toll on the domestic currency's health, reported PTI.

In the past four sessions, the Indian unit has lost 202 paise, it added.

The dollar-rupee August contract on the NSE was at 70.99 in the previous session. Open interest increased 4.53% in the previous session, said ICICIdirect.

We expect the USD-INR to find supports at lower levels. Utilise downsides in the pair to initiate long positions, it added.

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Shares of SRF Ltd surged 13% on Tuesday after the company impressed with a better-than-expected June quarter performance

Revenue growth, though, slowed to 9% year-on-year in the quarter, tracking the deceleration in its technical textiles business. But better profitability at its packing-films business saw operating profits rise to a decent 13%. Profit after tax was up 41%.

Revenues and operating profits at the technical textiles division dropped, reflecting the slowdown in the automobile industry. Operating profit at the chemicals division, which has been a growth driver, was flat due to a manufacturing plant closure.

However, the packing-films business saw a 50% jump in operating profit, which benefited from higher sales of value-added products. Both gross and operating profit margins expanded, driving net earnings.

Further, the outlook for two key business segments, packing films and technical textiles, is clouded by overcapacity and demand slowdown. Capacity additions in the packing-films business can disturb the demand-supply equilibrium in the short term, warned SRF. Prospects for technical textiles have been constrained by the economic slowdown and low demand from the automobile industry.

Still, overpowering these concerns are opportunities in the chemicals business. The fluorochemicals segment is seeing steady growth. The company developed a new refrigerant, which it plans to sell under its brand. It launched sales of branded Floron refrigerant products in South Africa in addition to Thailand and India, SRF said in a presentation to investors.

The outlook for speciality chemicals is encouraging. A slowdown in global agrochemicals notwithstanding, the company is seeing good demand for its flagship products. It launched two intermediaries in the agro segment and two molecules in the pharma segment. Similar to fluorochemicals, the focus here, too, is on market expansion through product launches.

Pharma is also seeing good growth. Changing weather patterns and resultant slowdown in some regions are headwinds for the agrochemicals business, though.

SRF and other Indian companies are benefiting from the ongoing diversification by global firms, which is resulting in slack in procurement from China. Indian companies, including SRF, are making timely investments to capture this demand. Chemical manufacturers, such as PI Industries Ltd, maintained its double-digit growth forecast for FY20 despite subdued demand trends in the domestic market.

Meanwhile, Tuesday’s gains in the SRF stock come on top of the 43% increase over the past year. The stock now trades at 19 times FY20 and 15 times FY21 earnings per share estimates. Still, this is not particularly inexpensive

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The highlight of mortgage lender Housing Development Finance Corp. Ltd’s (HDFC’s) June quarter earnings was its loan book growth, which has now fallen to 13%, compared to 18% growth in the year-ago period. Analysts, however, said the results were good, seen in the light of the poor state of the economy and relative to the rest of the industry. Indeed, even HDFC’s growth has remained in double digits only because of its strong individual loans franchisee. Here, growth has stayed rock solid at 17%, marginally down from the 18% growth in the year-ago quarter

But its non-individual loan book, that is corporate loans, posted an all-time low growth of a mere 2%. In the past one year, HDFC’s exposure to this category has declined. And it looks like it has deliberately adopted a cautious stance here. In the backdrop of the recent liquidity-related concerns and slowdown in the real estate sector, HDFC’s vigilance isn’t surprising.

“Given the uncertainty and risk averseness in the lending environment for non-individual loans, the corporation opted to be prudent by curtailing some of its lending to non-individual loans," HDFC said in a release.

Addressing the company’s annual general meeting, chairman Deepak Parekh said: “Banks are reluctant to lend and there has been a flight to safety where a select few, high rated NBFCs and HFCs have access to funding, while for several others, access to credit has been chocked. As a result, a number of NBFCs and HFCs have curtailed disbursements. One is hopeful that normalcy will be restored soon and, by the time the festive season sets in, some of the risk averseness should taper off."

For now, HDFC continues to focus on lending to the affordable housing segment. “The challenge in the housing sector has been with the upper-middle segment and high-end luxury housing. I would like to reiterate that the demand for smaller sized homes at affordable price points is still strong," Parekh added. In FY19, 37% of the home loans approved in volume terms and 18% in value terms have been to customers from the economically weaker section and lower-income group segment.

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Mahindra & Mahindra (M&M) reported a decline of 16% year-on-year (YoY) in its total domestic wholesales to 37,434 units in July, as the economic downturn continues to hurt the auto industry

The company’s passenger vehicle wholesales fell 15% YoY to 16,831 units during the month, while commercial vehicle sales declined 17% to 15,969 units. The drop in wholesale numbers hint at more production cuts, which automakers have been undertaking to manage unsold inventory.

The company had reported a decline of 2% YoY and 9.4% YoY in passenger vehicles and commercial vehicles, respectively, in the first quarter of the current fiscal, according to data released by the Society of Indian Automobile Manufacturers (SIAM).

For M&M, the bigger decline in CV sales came from subdued sales in the light commercial vehicle (LCV) category, where the Bolero range of light trucks-- under 3.5 ton--dominates. It reported total domestic sales of LCVs, below 3.5 tons, at 14,874 units in July, down 16% YoY.

The fall in demand for LCVs is a clear indication that small and medium enterprises (SMEs) have also been hit.

The medium and heavy commercial vehicle (M&HCV) category, which primarily reflects the economic health of sectors such as transportation and infrastructure, has reported a drop of 52% from 866 units sold in July last year to 417 units last month.

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Foreign investors in July sold more than Rs 11,000 crore worth of shares after a denial to tweak surcharge on super-rich by the government

Nifty fell from its record high of 12,103 (on June 3) to psychological 11,000-mark on July 31 plunging 9 percent in a span of two months, dragged majorly by auto, banking & financials, energy, infra and metals stocks.

Proposal to increase the surcharge on super-rich was the main reason behind such a fall. A slowing economy, a slump in demand in certain sectors and geopolitical tensions didn't help the market sentiment either.

The broader market was also hit very hard, falling more than benchmark indices in the period. In the last two months, Nifty Midcap index plunged more than 13 percent and Smallcap index corrected 16 percent.

Over 300 Nifty500 stocks fell in double digits in the period. Top losers among them were Cox & Kings, Jet Airways, Sintex Plastics, Indiabulls Integrated Services, Reliance Capital, Jain Irrigation Systems, Reliance Power, Dewan Housing Finance Corporation, Reliance Infrastructure, PC Jeweller, Reliance Home Finance, Jaiprakash Associates, Vodafone Idea, etc. that tanked between 50-90 percent.

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