Sensex and Nifty 50 declined 1.5% on Monday, tracking a weak mood on global cues from failure of some notable banks in the US with the collapse of Silicon Valley Bank being the talk of the town. On this day, investors faced defeat 4.38 lakh crore on BSE. Due to all-round selling, 217 stocks touched new 52-week lows today. Heavyweight Reliance Industries is also one of them.
It needs to be noted that, the markets are currently at a five-month low and have been in the red for three consecutive trading sessions.
According to BSE data, the market cap of listed companies ended on Monday. 258.56 lakh crores. it’s over by over 4.38 lakh crore as against the previous day’s print 262.94 lakh crores.
Both Sensex and Nifty 50 are in the red since March 9. The sudden closure of a Silicon Valley bank has sent shockwaves globally, resulting in a sell-off frenzy in equities.
In three trading sessions, BSE-listed equity market cap declined more 7.68 lakh crore. On March 8, the last time markets at home were in the green, the market capitalization of BSE-listed companies was 266.24 lakh crores.
From March 9 to March 13, the Sensex fell 2,110.24 points and the Nifty 50 fell 600.1 points.
On Monday, the Sensex closed at 58,237.85, down 897.28 points or 1.52%. While the Nifty 50 fell 258.60 points or 1.49% to close at 17,154.30. India’s volatility index skyrocketed nearly 21%, making it the biggest single-day jump in a year.
On BSE, a total of 217 scrips touched 52-week lows. Heavyweight RIL hits 52-week low On Monday, the price of 2,275 further influenced the price.
Other major stocks hit fresh 52-week lows on March 13 — on Biocon 216.7; at Gillette 4,532.9; at Jindal Poly Films 553.45; at Laurus Labs 301.85; Motilal Financial Services 578.3; Muthoot Finance at 925; on nazara tech 483.05; on pfizer 3,670; on pvr 1,483.55; in rosari biotech 593; and at Tata Consumer Products 691.9.
On the other hand, 74 stocks touched new 52-week highs despite heavy bearishness in the market. Some prominent stocks were — Hindustan Aeronautics, Kalpataru Power, and Cummins India among others.
You can check the list of stocks that have touched their 52-week low and high respectively at: https://www.bseindia.com/markets/Equity/EQReports/HighLow.html?flag=L
Vinod Nair, head of research at Geojit Financial Services, said: “Global markets witnessed bloodshed as the collapse of Silicon Valley Bank triggered turmoil at Signature Bank, leaving investors worried about the strength of the US banking system.”
“Importantly, the Fed’s decision in the upcoming meeting will have a significant impact on the market sell-off as the consensus rate hike is not going any way,” said Nair. will also have a significant impact on the market.” In the short term, the market is expected to cool down from January levels.
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