A total of 195 stocks hit fresh 52-week lows in intra-day trades on the BSE; off which among the top 500 shares Delhivery and Emcure Pharmaceuticals hit new all-time lows on Wednesday.
Chart shows that stocks like Cyient, Rajesh Exports, Mahindra Life, SW Solar and Gujarat Pipavav have tumbled up to 81 per cent from the highs in around last two years; Bias remains negative.
Whenever a stock hits a new 52-week low, further fall from a medium-term scale appears realistic, with price endorsing further correction of 10 per cent to 12 per cent.
Shares of Paytm hit a new low at Rs 483.30 on the BSE in Tuesday's intra-day trade, thus were now trading 77 per cent below the company's IPO price of Rs 2,150 per share.
An economic slowdown or other factors may affect the economic health of the US, UK, the European Union, Australia or those industries where IT revenues are concentrated.
Among the losing pack, Solara Active Pharma Sciences has slumped 75 per cent, while Aarti Drugs, MCX India and Tata Communications are other major laggards
In past four trading days, the S&P BSE Sensex has tanked 4 per cent or 2,412 points on concerns about European Covid-19 curbs and on risk of the US Federal Reserve speeding up stimulus withdrawal.
Till Indiabulls Housing Finance does not consolidate at the current levels at least for two months with above average volumes, one should not be optimistic
Subdued corporate earnings, uncertainty over US-China trade talks, Brexit, volatility in crude oil prices are some of the key issues that have kept the investors on tenterhooks
Over the past month, Coffee Day Enterprises, Indiabulls Integrated Vodafone Idea, DHFL, CARE Ratings, Indiabulls Ventures and Tejas Networks have tanked more than 40%.
With no major direct measure to revive demand growth for the sector being announced in the Union Budget for the financial year 2019-20, stocks of the auto-makers skid to new lows