Blue chips at 52-week lows! Infosys, Idea, Jet Airways among 170 stocks seeing deep cuts

NEW DELHI: A likely win for Republican Donald Trump in the US presidential election spooked market sentiments globally on Wednesday, which caused domestic equity benchmark Sensex to crash some 1,600 points. As of 11 am (IST), as many as 170 stocks on the National Stock Exchange (NSE) had hit their fresh 52-week lows in this meltdown.

Infosys, Wockhardt, ABB, Allied Digital Services, Alok Industries, Bata India, Coffee Day Enterprises, EIH, GlaxoSmithKline Pharmaceuticals, Indian Overseas Bank, Idea Cellular, GNA Axles, IVRCL, Jet Airways, JSW Energy, Jubilant FoodWorks, Bank of Maharashtra, Majesco, MT Educare, NIIT Technologies, Parsvnath Developers, Suzlon Energy and VRL Logistics were among the top stocks that hit fresh 52-week lows on NSE during the session.

All Asian markets crashed amid volatile trading on Wednesday, as investors awaited the outcome of the US presidential election, with early results showing Donald Trump on the lead.

Hang Seng, Nikkei and Shanghai indices were down by 2.79 per cent, 4.94 per cent and 0.43 per cent, respectively.

Domestic equity index BSE Sensex were trading down by nearly 1,000 points, or 3.50 per cent, at 26,604.59 as of 11 am (IST), while NSE Nifty was trading 319.30 points, or 3.74 per cent, down at 8,224.25. Midcap and smallcap stocks were underperforming the largecap indices.

Gaurav Dua, Head of Research at Sharekhan, said: “Market hates uncertainty. Donald Trump's likely win over Hillary Clinton, which is totally a surprise dose for equity market, has dented sentiments.”

On the other hand, Accelya Kale Solutions and Shreyans Industries moved against the market direction and hit fresh 52-week highs during the session.