Despite the rebound in the market, more than 100 stocks hit 52-week low in trade today which include 7 stocks from BSE A Group and 22 stocks from B Group while majority of stocks were from X and XT Group.
The market continued its recovery for the second consecutive session on Friday with the Sensex holding above psychological 38,000-mark and the Nifty comfortably maintaining 11,500 levels, following stability in crude oil prices and rupee after recent sharp moves.
The fall started after hitting record highs on August 28 corrected Nifty and Sensex by more than 1.5 percent before showing the stability in last two straight sessions. In absolute terms, the Nifty shed around 200 points from its record high of 11,760 hit last week.
The 30-share BSE Sensex was up 147.01 points to close at 38,389.82, and the 50-share NSE Nifty rose 52.20 points to 11,589.10.
The Indian rupee after hitting an all-time record low of 72.10 on Thursday started showing upward trajectory against the dollar. Today, the currency snapped the seven-day losing streak and gained 25 paise.
Brent crude futures also recovered more than 3 dollars to trade slightly above USD 76 a barrel after hitting a weekly high of USD 79.72 amid trade war worries.
"The key concern for the market is the rise in crude price accompanied by the fall in rupee. Beyond a threshold, this combination is going to push current account deficit to a point where it becomes highly inflationary for the economy and can disturb the fiscal balance," Shailendra Kumar, Director & CIO, Narnolia Financial Advisors told Moneycontrol.
But based on FY19 and FY20 EPS estimate, he expects the Nifty for March 2019 at 12,620.
Despite the rebound in the market, more than 100 stocks hit a 52-week low in trade today which include 7 stocks from BSE A Group and 22 stocks from B Group while a majority of stocks were from X and XT Group.
A Group stocks which touched 52-week low are APL Apollo Tubes, Century Plyboards, Cochin Shipyard, Idea Cellular, Mahindra Holidays, Navkar Corporation and Sun TV Network.
HDFC Asset Management Company, the country's second-largest mutual fund house, also hit a fresh one-year low of Rs 1,662 from B Group but the stock is still higher by more than 50 percent above its issue price of Rs 1,100 per share. It listed on August 8, 2018.
Other stocks from B Group are Asian Star, Balaji Telefilms, DQ Entertainment International, Geojit Financial Services, Greenply Industries, Intrasoft Technologies, RSWM, Sanghvi Movers and Simplex Infrastructures.The Great Diwali Discount!
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