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The unexpected higher inflation numbers for April appear to have spooked the markets. While some index heavyweights have either hit their 52-week lows, others are hovering near the mark.
PSU banking majors Punjab National Bank and Bank of Baroda hit their 52-week lows today. The PNB stock touched Rs 726 and BoB fell to Rs 628.65. Though both managed to recover, it was not significant as they recouped just a few rupees.
The stocks hovering near their 52-week lows were also market heavyweights.
Leading the pack was Reliance that slipped to a low of Rs 688.30, which was just about Rs 1.15 more than its 52-week low of Rs 687.15. The stock recovered to Rs 689.75, still dangerously close to its yearly low. The company is running a buyback programme but that does not seem to have helped protect the stock from the downslide.
NTPC was another stock to have missed the 52-week low by a whisker. The stock was down to Rs 146.50, before recovering to Rs 147. Its 52-week low is Rs 146.10. GAIL was another stock to have narrowly avoided hitting its 52-week low of Rs 315 when it went down to Rs 315.80 before recovering to Rs 318.50
A few more such as DLF, ONGC and Jindal Steel are close to their 52-week lows.
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