Over 160 stocks nosedive to all-time lows on BSE
Analysts ascribe the tumbling of major stocks at the stock market to the negative global cues and the continued selling by FIIs in heavyweight stocks.
By PTI |
MUMBAI: With the stock market buckling under negative global cues and heavy selling by foreign investors, shares of over 160 firms including Reliance Communications, Ranbaxy Labs and Suzlon Energy, today plunged to their all-time lows.
Analysts ascribe the tumbling of major stocks at the stock market to the negative global cues and the continued selling by FIIs in heavyweight stocks.
"The meltdown in the market is mainly due to the massive selling by FIIs which is continuing for the past few days as they are faced with severe liquidity crunch back home," Bonanza Portfolio President Research P K Agarwal said.
Reliance Communications dropped to an all-time low of Rs 134.05, down 2.77 per cent on the BSE, but managed to settle at Rs 135.55 down 1.67 per cent, while as many as 25.02 lakh equity shares of the company changed hands at the bourse.
"The meltdown is in line with subdued market sentiment globally, further the market has already discounted the repo rate cut so no trigger were there for any upswing ," SMC Global Vice President Rajesh Jain said.
Suzlon Energy scrip today plummeted to an all-time low of Rs 35.20, down 7.97 per cent, while Yes Bank tumbled to Rs 43.30, Provogue India (Rs 28.25), Punj Lloyd (Rs 69.30) and Pyramid Saimira (Rs 13.15).
Analysts ascribe the tumbling of major stocks at the stock market to the negative global cues and the continued selling by FIIs in heavyweight stocks.
"The meltdown in the market is mainly due to the massive selling by FIIs which is continuing for the past few days as they are faced with severe liquidity crunch back home," Bonanza Portfolio President Research P K Agarwal said.
Reliance Communications dropped to an all-time low of Rs 134.05, down 2.77 per cent on the BSE, but managed to settle at Rs 135.55 down 1.67 per cent, while as many as 25.02 lakh equity shares of the company changed hands at the bourse.
"The meltdown is in line with subdued market sentiment globally, further the market has already discounted the repo rate cut so no trigger were there for any upswing ," SMC Global Vice President Rajesh Jain said.
Suzlon Energy scrip today plummeted to an all-time low of Rs 35.20, down 7.97 per cent, while Yes Bank tumbled to Rs 43.30, Provogue India (Rs 28.25), Punj Lloyd (Rs 69.30) and Pyramid Saimira (Rs 13.15).
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