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D-Street Buzz: Over 250 stocks hit 52-week low on BSE; volumes of India Cements, BASF surge

India VIX spiked 6.04 percent and was trading at 17.92 level.

February 26, 2020 / 02:49 PM IST

The Indian stock market tracking its global peers are trading deep into the red and is at the day's low with Sensex down 479.52 points or 1.19 percent at 39801.68, and the Nifty plunged 144.70 points or 1.23 percent at 11653.20.

The effects of the coronavirus outbreak are likely to reverberate beyond China as most major economies in the region are expected to either slow down significantly, halt or shrink outright in the current quarter, Reuters polls found.

"The fear around and spread of coronavirus to other parts of the world is worrying. Hence we may see some more correction in Indian market," Raamdeo Agrawal, Joint MD and Co-Founder of Motilal Oswal Financial Services told CNBC-TV18.

All sectoral indices continues trading in the red with metals, IT, auto and pharma stocks falling the most, down over a percent each.

Top auto names along with auto ancillary names fell the most. Amara Raja Batteries, Apollo Tyres, Tata Motors and Motherson Sumi Systems shed 3-4 percent. The other losers included Maruti Suzuki, Exide Industries and Bosch.

From the banking space, RBL Bank and YES Bank gained 2 percent each while on the other hand, IndusInd Bank, ICICI Bank, Federal Bank and HDFC Bank traded in the red.

From the oil & gas space, Tata Power shed 5 percent after foreign research house downgraded the stock and cut the target price. Research house Jefferies downgraded the stock to hold from buy and also cut target price to Rs 55 from Rs 90 per share.

The other losers included Indian Oil Corporation, Reliance Industries, GAIL India and Bharat Petroleum Corporation.

Coronavirus fears continues hammering metal stocks. The top losers included Jindal Steel & Power which shed over 5 percent followed by Hindalco Industries, Hindustan Copper, Hindustan Zinc, MOIL, NALCO, SAIL, Tata Steel and Vedanta.

India VIX spiked 6.04 percent and was trading at 17.92 level.

The top gainers from Nifty are YES Bank, UltraTech Cement, Hindustan Unilever, Adani Ports and Britannia Industries while the top losers included Tata Motors, GAIL India, Sun Pharma, Hindalco Industries and Maruti Suzuki.

The most active stocks included HDFC, Reliance Industries, Bharti Airtel, Indiabulls Housing Finance and State Bank of India.

65 stocks hit new 52-week high on BSE including Garware Wall, Navin Fluorine, Alkyl Amines, Sanofi India and Deepak Nitrite among others.

255 stocks hit 52-week low on BSE including Engineers India, Tata Power, Future Consumer, GAIL India, Hindalco Industries, Karur Vysya Bank, BHEL, NALCO, HPCL, Syndicate Bank, Bank of India, Larsen & Toubro and Canara Bank among others.

The stocks which gained the most with respect to volumes included India Cements which hit upper circuit of Rs 104.45 per share, zooming 20 percent after Gopikishan S Damani, the brother of ace investor Radhakishan Damani, bought 2.75 percent stake in India Cements on February 25.

There were pending buy orders of 48,162 shares. It was trading with volumes of 6,416,904 shares, compared to its five day average of 766,709 shares, an increase of 736.94 percent.

The other gainers included Ravi Kumar Distilleries which was up 20 percent and was trading with volumes of 30,491 shares, compared to its five day average of 1,688 shares, an increase of 1,706.12 percent. There were pending buy orders of 18,870 shares.

Share price of Neogen Chemicals jumped 9 percent and was trading with volumes of 72,863 shares, compared to its five day average of 8,700 shares, an increase of 737.51 percent.

BASF India share price was up almost 10 percent intraday on February 26 and was trading with volumes of 18,598 shares, compared to its five day average of 3,360 shares, an increase of 453.51 percent.

About 672 shares have advanced, 1564 shares declined, and 124 shares are unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Sandip Das
first published: Feb 26, 2020 02:49 pm