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Sell in May and go away holds true for midcaps; 10 stocks that fell up to 33%.
Analysts advise investors to stay with high-quality stocks and avoid leverage plays at current levels, especially before the crucial Karnataka assembly election verdict on Tuesday.
The age-old saying, ‘Sell in May and go away’ may not hold true for the Sensex, which rose a little over a percent so far in May, but some selling was seen in the small- and midcap space.
The BSE Midcap index slipped nearly four percent and the BSE Smallcap index was down 3.1 percent. This compares to a 1.07 percent rise in the Sensex, data from April 30 to May 11 shows.
As many as six midcaps saw double-digit cuts in the period under review. These include: Vakrangee (down 33 percent), followed by Ajanta Pharma (down 21 percent), JSW Energy (down 16 percent), Wockhardt (down 14 percent), Housing & Urban Development Corp (down 10.5 percent) and Reliance Communications (down 10.1 percent).
Plenty of stocks saw double-digit corrections in a matter of just eight trading sessions thanks to relentless selling by foreign institutional investors (FIIs). They have withdrawn Rs 12,671 crore from the Indian markets (equity and debt) in the last eight trading sessions, due to surge in global crude prices and rise in yields of domestic government securities.
Analysts advise investors to stay with high-quality stocks and avoid leverage plays at current levels, especially before the crucial Karnataka assembly election verdict on Tuesday. “Investors should stick to stocks that have delivered a decent set of numbers in the March quarter.”
A poll conducted by Moneycontrol over the weekend shows that analysts’ opinion was tweaked in favour of quality. As many as 80 percent of poll respondents suggest that investors use dips to add quality stocks to their portfolio, while the rest feel investors’ should book profits or just stay out.
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