There appeared to be no respite in sight for the market and nowhere it was more evident than in the ratio of stocks that closed the day at 52-week high vis-a-vis stocks that hit their yearly bottom on the NSE today.
While there were four stocks that touched a new yearly high, the number of shares that fell to their 52-week bottom was 413 and it grew by the hour in the exchange.
From 360 stocks that hit 52 week lows at 12.30 p.m., the number of shares grew to 413 by the time trading ended for the day.
In fact, the ratio would have been rather scary at 1:137 as there were only three stocks that were trading at new 52-week high for much of the day. It was only after Kansai Nerolac Paints joined the gainer’s list with a 52-week high of Rs 1,239.95 that the ratio became a little less unsettling but still high.
The other three stocks to hit fresh 52 week high were Gujarat Alkalies and Chemicals Ltd that touched Rs 196.65, Lupin Ltd that hit Rs 633.60 and Rasoya Proteins Ltd that moved up to a rather innocuous Rs 9.25.
The severity of the fall could be judged from the fact that for every one stock that touched a new 52 week high, there were103 stocks that dipped to a new 52 week low. While four stocks made it to the winner’s podium, 413 fell to their 52 week low, making the ratio 1:103.
The decline in the market was not sector-specific. It was true that IT and FMCG appeared to have largely escaped the wrath of the investors, at least in so far as shares that dipped to a new 52-week low today. But what appeared to be more pronounced was the fall in share prices of auto component companies, capital goods and to a limited extent, banking.
However, it was surprising to see that pharma shares, which generally were providing some cushion to the investors in a falling market, were not spared today and two MNC pharma stocks-Astra Zeneca Pharma India and Pfizer slumped to their 52-week lows, along with another pharma stock Amrutanjan Health Care Ltd.
A large number of auto component stocks crashed to new 52-week lows. Prominent among them were Bharat Forge, L.G. Balakrishnan, Pricol, Munjal Showa, Munjal Auto, Sundaram Fasteners, Sona Koyo Steering, Rane Brakelining, Rane Engine Valve and Gabriel.
Many capital goods leaders were in the loser’s list. BHEL touched a new low of Rs 177.75, ABB dipped to a low of Rs 503.90, Engineers India Ltd fell to Rs 152.30 and BGR Energy touched a new low of Rs 175.60.
In the metal space, two giants in the segment, Hindalco and Tata Steel, dipped to 52 week lows and a fair number of PSU bank stocks too made to the ranks of stocks falling to 52 week lows- IOB (Rs 65) IDBI Bank (Rs 80.75), UCO Bank (Rs 54.20 and Punjab & Sind Bank (Rs 58.15).
Dredging Corporation of India Ltd, whose tax-free bond issue was reportedly cold-shouldered by investors, fell to a low of Rs 190.70.