Business Daily from THE HINDU group of publications
Tuesday, Jun 24, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Tuesday, Jun 24, 2008 ePaper | Mobile/PDA Version | Audio |
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Stock Markets Markets - Stocks
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Mumbai, June 23 It was yet another bloody Monday for the equity market as more than 200 stocks recorded their 52-week lows on the NSE.. Stocks in the banking, real estate, auto and capital goods sectors are the ones that have been battered the most. “Rising price of crude, most likely increase in key interest rates by the RBI to rein in inflation, have all adversely affected our markets,” said Mr Alex Mathew, Head of Research, Geojit Financial Services. Of the 30 blue-chip stocks, six stocks posted new lows on Monday. 
The stocks that have recorded their 52-week lows include SBI, Maruti Suzuki, Tata Motors, DLF, Unitech, GMR, Reliance Power, ABB, Siemens, Areva, Gammon India, Jain Irrigation, Indian Hotels Company, Sobha Developers and Grasim. In the dipMost of these stocks are trading at less than half of what they were quoting at the beginning of the year. The Sensex itself has dipped more than 30 per cent, so it is no surprise to market men that a lot of stocks are recording new lows. And industry is expecting more scrips to record new lows as they expect the market to tank further. “Most investment advisors are telling their clients to exit these stocks as they have lost their technical support trading at such low levels. That’s the reason why there has been quite a bit of selling in these stocks,” said Mr Mathew. More Stories on : Stock Markets | Stocks
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