It is time to go bargain hunting on the bourses. The market has provided an opportunity to hunt for bargains in 559 stocks which are now available at their one-month lows. Of these stocks, as many as 195 stocks have declined to their three month lows.
There are 75 stocks from the A group which have declined to one-month lows, of which 24 stocks have declined to 3-month lows.
The B1 group has seen 155 stocks declining to 3-month lows (38 stock down three months lows). There are 329 stocks in the B2 category which have declined to one-month lows during the last 10 trading days of July 2002.
The bearish market also had dampening effect on the prices of pivotals and fundamentally strong stocks. Even the 30-scrip BSE Sensex, S & P CNX Nifty, and broad base BSE 500 declined in July.
The decline in market value of stocks has been severe in last five trading days. Yesterday (July 18), as many as 119 stocks touched their one-month lows. On July 17, around 205 stocks had fallen to one-month lows and 76 stocks declined to one month lows on July 16.
Among A group stocks, Essel Propack touched a one- and 3-month low of Rs 266.05. The stock had risen to a one-month high of Rs 298 on July 10 and 3 months high of Rs 361 on April 23, 02. Hughes Software lost ground in the tech meltdown to decline to a one- and 3-month low of Rs 180.50 yesterday.
Prominent among other A group stocks at one month lows are Indian Oil Corporation (Rs 195), Wockhardt (Rs 475), Hindustan Lever (Rs 185.05), Mahindra & Mahindra (Rs 100.20), TV 18 (Rs 77.35) and G E Shipping (Rs 31.25).
Among B1 stocks Zenith Computer (Rs 16.60), Federal Bank (Rs 85.10), Albright Wilson (Rs 177.05), MphasiS BFL (Rs 485.10), Ceat (Rs 38.10) and GMDC (Rs 115.55) were available at their one-month lows.
