Market sentiment turns negative: 27 stocks that hit 52-week low

NEW DELHI: The S&P BSE Sensex plunged 651 points on Tuesday amid reports of a possible missile attack on Syria. Following the weakness, rupee weakened to 68.25 against the US dollar putting further pressure on financial and infrastructure stocks.

The massive fall in the benchmark indices was led by blue chip shares including Reliance Industries, ITC, HDFC which tumbled after the Russian defence ministry was quoted by a news agency as saying it had detected two ballistic "objects" fired towards the eastern Mediterranean.

“A Defence Ministry spokesman told Russian news agencies the launch was detected at 10:16 am Moscow time (0616 GMT) by an early warning radar station at Armavir, near the Black Sea, which is designed to detect missiles from Europe and Iran,” AFP reported.

Tracking the weakness in markets, as much as 27 stocks slipped to their 52-week lows on the BSE-500 Index, including names like Axis Bank, Andhra Bank, Corporation Bank, Max India, NCC and Voltas Ltd.

The 30-share index ended at 18,234.66, down 651.47 points or 3.45 per cent. It touched intraday high of 19,007.31 and intraday low of 18,166.17, in trade today.

The Nifty ended at 5,341, down 209.30 points or 3.77 per cent. It touched a high of 5,580.95 and a low of 5,323.75 in trade today.

Benchmark indices slipped below their key support levels as the indices moved violently in a broad range. The S&P BSE Sensex swung 841 points in intraday trade while Nifty moved in a volatile range of 257 points.

Nifty index has slipped below its crucial psychological level of 5400 and now analysts are of the view that the index is likely to test its previous lows of 5120-5150.

“The first point of pause would be the previous lows of about 5120-5150 levels; however, before moving towards that level, index should be able to find some support near 5200 levels,” said Ashwani Gujral, Fund Manager, Ashwanigujral.com in an interview with ET Now.

“Market should bounce back from its key support levels before moving lower towards 4800. Generally speaking, the odds are that 5150-5200 will take some breaking,” he added.

Here is a list of 27 stocks which have hit their 52-week low on the BSE-500 index: