Sensex at a high, but 262 of BSE 500 stocks below 200-day moving average

Analysts said many stocks in the BSE 500 universe have broken their crucial support levels and it is difficult for them to bounce back in the near term

More than half the BSE 500 stocks are trading below their 200-day moving average (DMA), even as the benchmark Sensex hit a record high of 40,301.96 on Monday.

According to the data compiled by Business Standard, 262 of the BSE 500 stocks and a third of Sensex components are trading below their 200-DMA, underscoring the trend that the market up-move has been supported only by a few influential stocks.

Among the Sensex stocks, Tata Steel, Vedanta, and YES Bank continue to trade below their 200 DMA. Among the BSE 500 stocks, several stocks are over 50 per cent below their 200-DMA.

Market experts