Majority stocks at three-month lows

546 stocks hit 3-month lows over last 5 trading days

The current market meltdown has pulled down nearly 67 per cent of the actively traded stocks on the Bombay Stock Exchange(BSE) to their three-months lows.

As many as 1,164 stocks have hit their three-month lows after the Sensex shed 445 points in last two weeks, beginning February 16.

On 19 February, 246 stocks hit their three-month lows, while over the last five trading days, 546 stocks hit their three-month lows on the BSE.

There are 73 stocks from the A group available at their three-month lows. Of these, 48 stocks are available at more than a 25 per cent discount to their 52-week high price.

From the B1 group, 398 stocks, 503 stocks from group B2, 80 scrips from T group and 110 scrip from Z group have declined to their three-months lows.

The bearish market also had a dampening effect on the prices of pivotals and fundamentally strong stocks. Even the 30-scrip Sensex, S&P CNX Nifty, and the broadbased BSE-500 declined in the last five days.

Of the 30 Sensex stocks, Bajaj Auto, Cipla, Dr Reddy's Laboratories, Hindalco, Hindustan Lever, Ranbaxy Laboratories, Satyam Computer Services,Wipro and Zee Telefilms are currently traded at their three-month lows.

The stocks of public sector undertakings (PSU), most of which touched an all-time high in the recent bull run, are now available at 28 to 55 per cent discount to their 52-week high price.

Bharat Earth Movers at Rs 157.55, Bharat Electronics (Rs 466), Engineers India (Rs 322.05), HMT (Rs 18.90), National Fertilisers (Rs 37.50), FACT (Rs 23.75), Neyveli Lignite (Rs 46), Shipping Corporation (Rs 140.05) and STC India (Rs 115.40) are among the few PSU stocks to come cheap.

One-hundred nine scrips from information technology, 96 from textiles, 93 non-banking financial firms, 63 from pharmaceuticals, 39 steel, 25 engineering and 24 paper stocks are among the prominent losers during the month.

HCL Technologies, i-flex Solutions, Infotech Enterprises, Mastek, NIIT, Polaris Software, Ramco Systems and VisualSoft Technologies are the frontline technology stocks to touch their three-month low on Dalal Street.

Phoenix Mills, which a touched lifetime high of Rs 4,209.90 in November 2003, declined more than 57 per cent to its current three-month low of Rs 1,803.45.