Here Are A Few Bluechips That Have Slumped To 52-Week Lows Today

Markets have begun on a promising note, by opening higher, and there are hopes that the trend may sustain. Scores of bluechip stocks have fallen to 52-week lows and among these include ICICI Bank, Thermax, Finolex, Godrej Properties, PNB Housing Finance etc.

Markets have continued to display increasing volatility and investors are advised to exercise caution. Several bluechip stocks continued to be hammered down in the last few days and it is likely that the trend would continue.

Unabated selling from Foreign Portfolio Investors

Since March 1 to date, Foreign Portfolio Investors have continued to sell stocks in the cash market. So far, in the month of march, they have sold stocks worth nearly Rs 48,000 crores. Some of the selling has been in marquee names likes HDFC, HDFC Bank and ICICI Bank.

Unless infections from the coronavirus do not start to abate, it is highly possible that the selling would not stop. Investors who have been waiting on the sidelines may need to wait for some more time for the markets to stabilize before investing.

It's important to note that select banking stocks have been badly hit in the present carnage and there are fears that NPAs from the sector may rise.