Over 120 stocks defy positive market mood, hit 52-week lows

image

NEW DELHI: Over 120 stocks tested 52-week lows on the BSE today in an otherwise buoyant market in which, Sensex surged over 600 points and the Nifty hit off 10,450.

Among the stocks that touched their 52-week lows were 8K Miles Software Services, AGC Networks, Asian Hotels (East), Ashapura Intimates Fashion, Central Bank of India, New India Assurance Company, Bombay Dyeing, Entertainment Network (India) and Ramco Cements.

However, nearly 30 stocks, including Bhoruka Aluminium, NCC Blue Water Products, Prabhat Telecoms (India), Mukat Pipes and Gogia Capital Services, hit 52-week highs on BSE.

The rise in the market was underpinned by easing crude oil prices, falling dollar and bond yields in the US and positive Asian cues.

The NSE Nifty index was trading 208 points up at 10,443, while the BSE Sensex was up 685 points at 34,686 around 11:30 am.

In the Sensex index, all but four – TCS, Infosys, Wipro and Sun Pharma – were trading with gains.

IT heavyweights fell amid a fresh rise in the Indian rupee against the US dollar.

Shares of PG Electroplast (up 19.96 per cent), India Cements (up 19.74 per cent), GRM Overseas (up 18.23 per cent), Citadel Realty (up 17.12 per cent) and Capri Global (up 15.89 per cent) surged up to 20 per cent.

Mahindra & Mahindra, YES Bank, ITC, Maruti Suzuki, Coal India and IndusInd Bank were leading among Sensex scrips, rising between 5 to 3 per cent.

Source: Economic Times