Stock market update: Over 40 stocks hit 52-week lows on NSE

NEW DELHI: Over 40 stocks, including IRB Infrastructure Developers, South Indian Bank, Supreme Petrochem, Tata Communications and Unitech, hit 52-week lows on NSE in Tuesday's trade.

AI Champdany Industries, Alchemist, Blue Blends, Centum Electronics, Cochin Shipyard, Cybertech Systems And Software, D B Realty, Timken India and Vardhman Textiles also featured among stocks that touched 52-week lows on NSE.

Market was showing choppy movement due to foreign fund outflows, surging global crude oil prices and weak rupee amid negative global cues.


Sentiment remained weak on sustained capital outflows by foreign funds after an investor lobby group named AMRI (Asset Management Roundtable of India) said on Monday that the immediate impact of the new Sebi KYC norms, if not amended, would flush out USD 75-billion FPI investment from the country within a short time-frame, PTI reported.

However, taking strong objection to these claims, Securities and Exchange Board of India (Sebi) on Tuesday said in a rare early morning statement, "It is preposterous and highly irresponsible to claim that 75 billion dollars of FPI investment will move out of the country because of Sebi's circular issued in April 2018," the report added further.

The NSE Nifty index was trading 3 points up at 11,586, while the BSE Sensex was up 61 points at 38,374 around 12:50 pm.

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

Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services and Wipro were among the top gainers, while Hindustan Unilever, Asian Paints, Indiabulls Housing Finance, UltraTech Cement and UPL were among the top losers in the Nifty index.