Market Now: Over 35 stocks hit fresh 52-week lows defying positive market stance

NEW DELHI: Over 35 stocks including Punjab National Bank, Corporation Bank, Diamond Power Infra, Electrosteel Steels and Gitanjali Gems hit fresh 52-week lows on the NSE during Tuesday's trade even as broader markets were reflecting positive temperament.

Indian Overseas Bank, Jindal Photo, Jindal Cotex, Bank of Maharashtra, Max India, MVL, Punjab & Sind Bank, SRS and United Bank of India also joined the bandwagon of stocks that hit fresh 52-week lows on the NSE.

Stocks staged a comeback in early trade on buying by investors in metal, capital goods, teck and IT stocks amid a mixed trend at other Asian Markets.


The NSE Nifty index was trading 34 points up at 10,412, while the BSE Sensex was 132 points up at 33,906 around 10:30 am (IST).

Among the 50 stocks in the Nifty50 index, 34 were in the green, while 16 were in the red.

Overseas, Asian stocks were trading mixed as Treasury yields climbed back toward recent four-year highs. Chinese markets will reopen on Thursday, 22 February. US markets remained closed yesterday, in observance of Presidents Day.

Punjab National Bank, State Bank of India, Bank of Baroda, Tata Steel and Vedanta were among the most traded stocks on the National Stock Exchange.

Vedanta, Tata Consultancy Services, Hindalco Industries, Tech Mahindra and Hindustan Petroleum Corporation were among the top gainers in the Nifty pack of stocks.

On the other hand, Aurobindo Pharma, Bharti Infratel, Cipla, State Bank of India and Reliance Industries were among the top losers in the Nifty50 index.