D-Street Buzz: Over 300 stocks hit lower circuit on BSE; Bajaj Finance, BoB at new 52-week low

The Indian stock market after recovering lost ground has once again slipped into the red with Sensex is down 444.40 points or 1.39% at 31418.68, and the Nifty down 137.00 points or 1.47% at 9176.90.

Bank Nifty fell over 3 percent dragged by IndusInd Bank and IDFC First Bank which fell over 6 percent followed by ICICI Bank, Axis Bank, Bank of Baroda, PNB and State Bank of India.

Gautam Shah Founder and Chief Strategist at Goldilocks Premium Research expects the Bank Nifty to fall towards 19,500 levels in the immediate. And if that gets violated then one could see the drop all the way to 18,300 and possibly even 17,000, he feels.

"We have seen its underperformance to Nifty50 in the last 10 days. Nifty50 came back close to 9,400 levels but Bank Nifty did not get past its mid-March high of 21,500 that is a clear indication that the weakness will actually trickle in from the Bank Nifty," he said in an interview to CNBC-TV18.

IT stocks are also under pressure with the top losers being Infosys, Tata Consultancy Services, Tech Mahindra, NIIT Tech, Wipro and HCL Tech.

116 stocks have hit new 52-week low on BSE including Bajaj Finance, Bank of Baroda, Spandana Sphoorty Financial and Aditya Birla Fashion among others.

336 stocks have hit lower circuit of BSE including names like Graphite India, KRBL, HEG, Welspun India, IRCTC, Edelweiss Financial and Mas Financial Services.

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