11 Bluechip Stocks That Crashed To 52-Week Lows After Today's Sensex Plunge

Sensex came crashing down 1500 points in trade today, following fears that the US Fed would hike rates faster and the quantum could also be more. Here are a list of 11 Bluechip stocks that dived to 52-week lows.

Stocks that fell to 52-week lows

Company name	52-week low	Current market price
Bajaj Finance	5377	5401
Can Fin Homes	425	442
Gujarat Gas	457	459
ICICI Lombard General	1071	1103
IPCA Labs	831	858
LIC Housing	318	323
Sudarshan Chemicals	402	432
Tide Water	1000	1025
Yuken	442	446
Just Dial	594	602
Heritage Foods	273	277

Markets may remain volatile

According to Hemang Jani, Head Equity Strategy, Motilal Oswal Financial Services, Nifty opened gap down as equity markets across globe are witnessing a sell-off after US May inflation data accelerated to four decades high which raised concerns about aggressive rate hikes by US Fed in the upcoming monetary policy meet due this Wednesday. US treasury yields surged to 14 year high at 3.15% while dollar index spiked above 104 levels. US futures are also down 1%.

"On the domestic side, India's inflation data is due today on account of which nervousness is likely to be seen in the market. Apart from these market would continue to remain cautious ahead of various central banks meetings in this week," Jani says.

Should you buy the above mentioned stocks

It is hard to say whether you should by stocks now, given that interest rates are headed higher. From the above list in terms of valuations, LIC Housing and Can Fin Home looks attractive to buy. Having said that if interest rates move higher there could be a slowdown in home loans. HDFC has already raised interest rates. Apart from this, it is hard to find value in the stocks mentioned above. We suggest that investors look to buy at further declines. The one suggestion is that most of the stocks mentioned above are from the midcap and small cap space. It is better to look for stocks from the largecap space, which could protect the portfolio from a further downside in the markets.

Disclaimer

Investors are advised caution as the markets have become exceedingly volatile. Neither Greynium Information Technologies, nor the author, would be responsible for any losses based on a decision reading the above article. Every effort has been made to provide accurate information and readers should understand the inherent risks before investing in the markets.