A total of 158 stocks hit their 52-week lows on the National Stock Exchange (NSE) on Monday, March 13. This included Reliance Industries, Piramal Enterprises Limited, Atul Limited, Biocon Limited, Page Industries, Laurus Labs, Crompton Greaves Consumer Electricals, Muthoot Finance, IPCA Laboratories, PVR Limited, Tata Consumer, among others. Alternatively, 28 stocks including Hindustan Aeronautics Limited, Binani Industries Limited, Cummins India Limited hit their 52-week highs.
Index heavyweight Reliance Industries hit the 52-week low of Rs 2,275. It, however, closed the session over 34 points lower at Rs 2,288 apiece.
Shares of Atul Ltd hit 52-week low of Rs 6,790 apiece. From its 52-week high of Rs 10,711 in March last year, the stock has corrected nearly 40 percent.
Piramal Enterprises hit the 52-week low of Rs 703.25, while Biocon hit Rs 216.65 apiece. Page Industries fell to its 52-week low of Rs 36,130, whereas Muthoot Finance hit Rs 924.
Meanwhile, equity benchmark Sensex tanked 897.28 points to close below the 59,000 mark, while Nifty shed 259 points to end at 17,154 due to a massive sell-off in banking, finance and auto stocks amid the Silicon Valley Bank failure. Besides, unabated flight of foreign capital and a weak domestic currency amid global rate hike fears added to the gloom, traders were quoted as saying in a Press Trust of India (PTI) report.
All sectoral indices closed in the red, with PSU banks falling the most. IndusInd Bank fell more than 7 percent as its CEO got two years against three years asked. AU SFB and City Union Bank also saw a decline of 5 percent and 2 percent, respectively, with their CEOs' term expiring next month.
According to Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, the downward spiral continued in a highly volatile charged trading session due to weakness in the US and European markets.
"Investors once again exited financial stocks on worries that the collapse of US-based SVB could worsen the overall mood already reeling under rising interest rates and slowing global growth," he said.
(Edited by : Shoma Bhattacharjee)
First Published: Mar 13, 2023 5:28 PM IST
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