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| 1,000 stocks hit 52-week lows |
| BS Research Bureau / Mumbai Sep 30, 2008, 00:35 IST |
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Nifty hits intra-day low of 3,777, the lowest since April 9, 2007.
Over 1,000 actively-traded stocks hit their 52-week lows during intra-day trades on Monday.
The Sensex fell to its 18-month low of 12,402.84 during the morning trade and closed at 12,595.75, a few notches above its 52-week low of 12,575.80 on July 16, 2008. Nifty too fell to an intra-day low of 3,777.30, the lowest level since April 9, 2007. The index, however, closed at 3,850.05, the lowest level after July 16, 2008.
A Business Standard Research Bureau study shows that as many as nine Sensex components — ICICI Bank, TCS, Tata Steel, DLF, Reliance Communications, Satyam Computer Services, Ranbaxy Laboratories, Jaiprakash Associates and Hindalco — closed the day at their 52-week lows.
| THE DOMESTIC MELTDOWN |
| In Rs |
Sep-29 |
52-wk high |
% chg* |
| Unitech |
108.85 |
546.80 |
-80.09 |
| DLF |
350.60 |
1225.00 |
-71.38 |
| Suzlon Energy |
153.45 |
460.00 |
-66.64 |
| ICICI Bank |
493.30 |
1465.00 |
-66.33 |
| Reliance Com |
326.30 |
844.00 |
-61.34 |
| Ranbaxy Labs |
255.85 |
613.70 |
-58.31 |
| Idea Cellular |
70.60 |
161.00 |
-56.15 |
| Tata Steel |
445.35 |
969.80 |
-54.08 |
| Hindalco |
96.65 |
202.74 |
-52.33 |
| Satyam Com |
292.55 |
544.00 |
-46.22 |
| TCS |
619.65 |
1151.00 |
-46.16 |
| * change over 52-week high market price |
Among the large-cap, A-group stocks, Unitech, Bombay Dyeing, Century Textiles, NDTV, Sun TV Network, Videocon Industries, Idea Cellular, Aditya Birla Nuvo, Adani Enterprises and Suzlon Energy also fell to their 52-week lows.
Real-estate and infrastructure stocks such as HDIL, Parsvnath Developers, Gammon India, Unitech, Indiabulls Real Estate and Jaiprakash Associates have not only closed at 52-week lows, but have also declined by over 80 per cent from their respective 52-week highs. Future Capital, India Infoline, BGR Energy, Bajaj Hindustan, Essar Shipping and Reliance Natural Resources hit 52-week lows and were available at 70-80 per cent below their respective 52-week highs.
The technology sector was hit the most with as many as 95 stocks closing at 52-week lows. Among others, 78 stocks from non-banking finance, 50 from constructions, 40 from entertainment, 39 from cotton textiles, 37 from pharmaceuticals, 34 from auto-ancillaries, 29 from engineering and 20 each from cement and hotel hit their one-year lows.
Interestingly, as many as 1,723 stocks are currently trading 50 per cent below their 52-week highs. Of these, 456 stocks are down by 75 per cent, 906 have fallen between 60-75 per cent and the remaining 361 have declined by 50-60 per cent from their respective one-year highs.
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