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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.