Cuts in names such as ACC, Bank of Baroda, Oriental Bank of Commerce, and Supreme Infrastructure India are seen.
It is a day of downtrend on the market, with the Sensex losing over 150 points, while the Nifty managed to stay below 10,650 mark. A surge in crude oil prices to USD 80 per barrel along with uncertainty over government formation in Karnataka.
All sectoral indices were trading in the red, with significant cuts visible in case of PSU banks, pharmaceuticals, metals, and auto names. Midcaps are also trading weak, with the midcap index falling over half a percent during the day’s trade.
In fact, over 100 stocks on the BSE fell to their 52-week lows during the session with cuts in names such as ACC, Bank of Baroda, Oriental Bank of Commerce, and Supreme Infrastructure India.
Among other segments of the market, The Nifty Midcap index was down half a percent, weighed down by stocks like Voltas, TVS Motor Company, Steel Authority of India, Jaiprakash Associates, Biocon, Havells India, and Jain Irrigation Systems, among others.
The Bank Nifty was also trading lower, as stocks like ICICI Bank shed 1.5 percent and HDFC Bank was down 1 percent. Bank of Baroda and State Bank of India were the other losers.Among auto stocks, Tata Motors was down 1.5 percent, while Bajaj Auto was up 2 percent. Maruti Suzuki was trading lower by close to 1 percent in early trade.