359 stocks down over 50% from their 52-week highs
Jet Airways, PNB, Infibeam Avenues, PC Jeweller, Manpasand Beverages, Kitex Garments, Vodafone Idea, BEML, Indiabulls Real Estate, Avanti Feeds and Aptech were down more than 60% from 52-week highs.
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Shares of one out of three companies have fallen more than 50% from their respective 52-week highs after a sharp sell-off in equity markets sparked by macroeconomic concerns around liquidity.
As many as 359 stocks out of 1,068 companies from the S&P BSE Allcap index were down more than 50% from their 52-week high levels on the BSE. Another 425 stocks from the index have fallen in the range of 25% to 50%, data shows. The S&P BSE Allcap index accounted for 99% of the total market capitalisation of BSE listed companies.
The S&P BSE Smallcap (down 30%), S&P BSE Midcap (down 22%) and S&P BSE Allcap index (down 12%) were underperformed the market by falling more than 10% from their respective 52-week high levels. In comparison, the S&P BSE Sensex hit an intra-day low of 35,117 on Thursday, down 10% from its 52-week high of 38,990 touched on August 29, 2018.
Jet Airways (India), Punjab National Bank, Infibeam Avenues, PC Jeweller, Manpasand Beverages, Aban Offshore, Kitex Garments, Vodafone Idea, Eros International Media, BEML, Indiabulls Real Estate, Avanti Feeds and Aptech have seen their market value tank more than 60% from their respective 52-week highs.
The whirlpool of macro headwinds – rising crude prices, depreciating INR, tightening liquidity and ILFS debt default – became extremely prominent, driving one of the biggest market corrections in many months.
Foreign portfolio investors (FPIs) were turned net sellers in equities by offloading shares worth of Rs 167 billion ($2.23 billion) thus far in the current calendar year 2018. FPIs were net buyers of Rs 529 billion ($8 billion) during the entire previous calendar year 2017.
“Rising crude price, coupled with currency depreciation, has been the key macro concern for the market as it can make the task of fiscal management challenging amid rising bond yields”, the brokerage firm Motilal Oswal Securities said in a client note.
We also note that the ILFS debt default and concerns about liquidity tightening and potential funding cost impact have resulted in a significant correction in Financials, it added.
As many as 359 stocks out of 1,068 companies from the S&P BSE Allcap index were down more than 50% from their 52-week high levels on the BSE. Another 425 stocks from the index have fallen in the range of 25% to 50%, data shows. The S&P BSE Allcap index accounted for 99% of the total market capitalisation of BSE listed companies.
The S&P BSE Smallcap (down 30%), S&P BSE Midcap (down 22%) and S&P BSE Allcap index (down 12%) were underperformed the market by falling more than 10% from their respective 52-week high levels. In comparison, the S&P BSE Sensex hit an intra-day low of 35,117 on Thursday, down 10% from its 52-week high of 38,990 touched on August 29, 2018.
Jet Airways (India), Punjab National Bank, Infibeam Avenues, PC Jeweller, Manpasand Beverages, Aban Offshore, Kitex Garments, Vodafone Idea, Eros International Media, BEML, Indiabulls Real Estate, Avanti Feeds and Aptech have seen their market value tank more than 60% from their respective 52-week highs.
The whirlpool of macro headwinds – rising crude prices, depreciating INR, tightening liquidity and ILFS debt default – became extremely prominent, driving one of the biggest market corrections in many months.
Foreign portfolio investors (FPIs) were turned net sellers in equities by offloading shares worth of Rs 167 billion ($2.23 billion) thus far in the current calendar year 2018. FPIs were net buyers of Rs 529 billion ($8 billion) during the entire previous calendar year 2017.
“Rising crude price, coupled with currency depreciation, has been the key macro concern for the market as it can make the task of fiscal management challenging amid rising bond yields”, the brokerage firm Motilal Oswal Securities said in a client note.
We also note that the ILFS debt default and concerns about liquidity tightening and potential funding cost impact have resulted in a significant correction in Financials, it added.