9 Nifty stocks hit 52-week low

COIMBATORE, DEC 15: 

With the markets continuing to be in a sort of daze, 38 of the Nifty stocks are down with nine of them hitting their 52-week lows.

An equal number of stocks are within a striking distance of reaching their 52-week lows if the selling pressure intensifies during the remainder of the trading time today.

The selling spree did not spare any sector and stocks from banking, capital goods, power and healthcare hit the 52-week lows, though some managed to pull back as the indices recovered.

ICICI Bank stock plummeted to its 52-week low of Rs 689.05 though it recovered to Rs 697.80. GAIL, which plays a crucial role in infrastructure development, dipped to Rs 365.20, its 52-week low, though it pulled back marginally to trade around Rs 368.50.

The problems confronting the capital goods sector was again highlighted today when two powerhouses of the sector — BHEL and L&T — saw their stocks hit 52-week lows. BHEL was down to Rs 245, its lowest in a year, though it recovered later to Rs 248.10. L&T drifted to a new low of Rs 1,112.60, though it recovered to Rs 1,120.45.

SAIL (Rs 75.75), Reliance Infra (Rs 348.15), Sesa Goa (Rs 161), Ranbaxy (Rs 380) and Sterlite (Rs 93.15) all touched 52-week lows though these stocks witnessed mild recovery later.

The Nifty also saw many constituents such as IDFC, PowerGrid, Coal India, Tata Power, Reliance, Tata Steel, Axis Bank, Maruti, PNB, ONGC and HDFC Bank coming close to their 52-week lows.

These have managed to ward off the possibility for the present as the wave of selling seems to have abated now with the Sensex down by about 97 points. But any renewed selling would put them under pressure.