Indian equity benchmarks began the week on a dismal and though the benchmark indices have scaled a new peak last week, the broader markets are in shambles.
On Monday over 175 stocks hit their 52-week lows on NSE (National Stock Exchange). In fact, at one stage in trade over 1,400 stocks declined while 290 shares gained on the NSE.
Among the stocks that hit their 52-week lows were:
- Can Fin Homes
- Capital First
- Corporation Bank
- Cummins India
- Deepak Fertilizers and Petrochemicals Corporation
- Dena Bank
- Dollar Industries
- Federal Bank
- Housing Development and Infrastructure Limited
- IDFC Bank
- INOX Leisure
- Jet Airways (India)
- Manpasand Beverages
- Mangalam Cement
- PC Jeweller
- Power Finance Corporation
- Tata Motors
- Union Bank of India
Indian market indices S&P BSE Sensex and NSE Nifty 50 were down from cues of the Asian markets as China reported a slow down in its GDP (gross domestic product) growth to a 6.7 percent increase in the second quarter from 6.8 percent in the same quarter of the previous year. On Friday, India reported a broadening trade deficit driven by rising crude oil prices and a weaker rupee (hit all-time low in June) for the month of June-the highest in over 5 years.
Dr. Reddy's Laboratories fell as much as 10 percent after the US federal judge blocked the company from selling the generic version of Indivior Plc's opioid treatment Suboxone film.
Tata Steel's losses extended for the fifth straight trading day as the global rating agency Moody's downgraded the company's rating from the weakening credit metrics at Jaguar Land Rover, as per a PTI report.