Tata Consultancy Services (TCS), Infosys, HCL Technologies, Coforge, Cyient and Wipro from the information technology (IT); DLF, Lodha Developers, Oberoi Realty and Brigade Enterprises from realty; HDFC Life Insurance, ICICI Bank, Indian Overseas Bank, SBI Cards and Payment Services and Uco Bank from the financials; and IRCON, IRCTC, IRFC, Railtel, Rites, RVNL and Titagarh Wagons from the railway-related sector have hit their respective 52-week lows.
Meanwhile, Indian Hotels Company, ITC Hotels, Lemon Tree Hotels, MGL, Gail, Jubilant FoodWorks, Bikaji, Devyani International, Berger Paints, Bata India, Page Industries, Emami, and Patanjali Foods from the consumer discretionary sector also hit 52-week lows.
Meanwhile, besides TCS, total 7 stock from Tata Group – Tata Chemicals, Tata Communications, Tata Elxsi, Tata Technologies, Tata Motors Passenger Vehicles and Trent hit a 52-week lows in intra-day trade today.
The brokerage firm see the sharp correction in stock prices and dislocation in parts of the market as an opportunity for investors to review their portfolios and make appropriate changes. The haphazard correction in stock prices across caps, sectors and companies would imply a permanent decline in companies’ earnings, which is clearly invalid.
Meanwhile, with the uncertainty surrounding the war continuing, markets are in unchartered territory. The sustained heavy selling by FIIs and the weakness in rupee are contributing to the market weakness. In the near-term FIIs are likely to continue selling in the market, particularly when there is a mild rally in the market. This will add to the weakness in the market, even in fundamentally sound sectors and stocks, said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
ALSO READ: PhonePe defers IPO plans amid West Asia crisis, market volatility Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers’ discretion is advised.
