Taking cues from the fall in US stock futures and the negative trading in the Asian markets, the Indian benchmark indices are trading in the red with the Nifty50 is down 136 points, trading at 10,646 while the Sensex shed 401 points and is trading at 35,482.
Also caution ahead of state election results and the rupee heading back to the 71 mark against the US dollar weighed on the domestic market.
Realty stocks continue to fall along with PSU banks, IT and Auto stocks. The breadth of the market favoured the declines with 296 stocks advancing and 1210 declining while 541 remained unchanged. On the BSE, 311 stocks advanced, 1027 declined and 49 remained unchanged.
114 stocks have hit new 52-week low on Nifty50 including names like ICICI Prudential Life Insurance Company, Ashok Leyland, Oil India, General Insurance Corporation of India, NMDC and SAIL India are the big names to have hit new 52-week low in this morning session.
The other stocks to hit fresh 1-year low are MPS Infotecnics which plunged 50 percent followed by Punj Lloyd, Ashapura Intimates, IL&FS Transportation Networks, Suprajit Engineering, Rolta India, Navkar Corp and Dish TV India among others.
General Insurance Corporation of India shares fell over a percent in morning on Thursday after global investment firm HSBC slashed price target to Rs 400 from Rs 421 earlier.
“The stock trades at 1.9x Mar-19 estimated price-to-book value (1.8x Mar-20 estimated) for a normalised return on equity of 14.2 percent,” the research house said while reiterating buy call on the insurance company.
The stocks to have hit fresh 52-week low on the BSE included names like Punj Lloyd which fell 14 percent followed by VIP Clothing, IL&FS Engineering and Quess Corp Ltd. which shed over 4 percent each. These are followed by Andhra Cements, Jamna Auto, Tejas Networks Ltd. and HT Media.
India VIX moved up by 5.44 percent to 19.39 levels.
The breadth of the market favoured the declines with 301 stocks advancing and 1313 declining while 445 remained unchanged. On the BSE, 481 stocks advanced, 1495 declined and 93 remained unchanged.
courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/over-100-stocks-hit-new-52-week-lownse-realty-fallsmost-volatility-spikes_11810761.html