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More than 260 stocks hit 52-week low, 450 stocks hit lower circuit today

The benchmark indices have now fallen more than 10 percent each from the closing high of April 4

May 11, 2022 / 04:32 PM IST

The downward trend continued on Dalal Street for the fourth consecutive session on May 11. More than 260 stocks on the BSE hit 52-week low and the number of stocks at lower circuit were significantly higher than the stocks that hit upper circuit.

Endless Ukraine-Russia war igniting inflation concerns and growth worries, faster policy tightening approach adopted by several central banks, including Federal Reserve, the beginning of rate hike cycle in India, consistent FII selling, rupee depreciation, and inflation concerns visible in corporate earnings are some of the reasons for the nervousness among the investors.

The BSE Sensex fell below 54,000-mark in the morning but later pared losses to trade 276 points lower at 54,088. Meanwhile, the Nifty50 briefly traded below the psychological 16,000-mark but recouped some of losses to trade at 16,167, down 73 points.

The benchmark indices have now fallen more than 10 percent each from the closing high of April 4. Meanwhile, the BSE Midcap and Smallcap indices have declined 13 percent and 15 percent, respectively, from the closing high of April 11.

On May 11, more than 260 stocks hit 52-week low against just 51 stocks at 52-week high, including 120 stocks are from 'A' Group and around 90 stocks from 'B' Group.

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3M India, Aarti Drugs, Aarti Industries, Ajanta Pharma, Amara Raja Batteries, Ashoka Buildcon, Aurobindo Pharma, Bajaj Electricals, Bank of India, Birla Corporation, Bosch, Can Fin Homes, CSB Bank, Dabur India, Dixon Technologies, Glenmark Pharma, Granules India, HDFC AMC, Indiabulls Real Estate, Indiabulls Housing Finance, Infibeam Avenues, KEC International, MCX India, Motherson Sumi Systems, Info Edge, Nestle India, Rain Industries, RBL Bank, REC, Rossari Biotech, Sun TV Network, Tata Communications, Torrent Pharma, Wipro, Westlife Development and Zydus Life among 'A' Group stocks that hit 52-week low.

In the 'B' Group, stocks that touched one year low included Zomato, PayTM, Nazara Technologies, Medplus Health Services, Nureca, Arshiya, Birla Tyres, Campus Activewear, DIC India, Essar Shipping, Eureka Forbes, Gayatri Projects, GG Engineering, Hariom Pipe, Igarashi Motors, Indian Hume Pipe, JBF Industries, JMC Projects, Man Industries, Novartis India, Sigachi Industries, Supriya Lifescience, TBZ, Vijaya Diagnostic Centre, and Vivimed Labs.

Apart from this, more than 450 stocks hit lower circuit against 141 stocks at upper circuit on Wednesday, including most of them either from smallcap or lower than smallcap segments.

Dhani Services is the only stock from 'A' group that hit lower circuit (down 5 percent), while stocks at lower circuit from 'B' Group included Lyka Labs, Kranti Industries, Suryalakshmi Cotton Mills, Pearl Polymers, Anik Industries, Vikas Ecotech, CL Educate, Andhra Cement, Indowind Energy, NDTV, Ugar Sugar Works, A2Z Infra Engineering, Donear Industries, Mercator, and Veeram Securities.

FIIs have been relentless sellers for seventh consecutive month now, offloading more than Rs 20,000 crore worth of shares in May, while DIIs have managed to offset some of those outflow by buying Rs 14,568 crore worth shares during the current month.

"Sustained buying by DIIs and retail investors is imparting resilience to the market even when FPIs continue to be in the sell mode. An unhealthy trend in the market is retail investors chasing low-grade cheap stocks," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

He advised that the only sensible strategy in this highly volatile environment is to buy small quantities of high quality stocks for the long-term and refrain from speculation.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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Sunil Shankar Matkar
first published: May 11, 2022 04:31 pm
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