Bloodbath on D-Street! Axis Bank, IndusInd Bank, Tata Motors among nearly 500 stocks that hit 1-year lows on BSE

As many as 494 stocks, including Axis Bank, IndusInd Bank, Tata Motors, Jio Financial Services and Tube Investments of India, hit their one-year lows in intraday trade on BSE on Monday, January 27, amid a widespread selloff across segments.

3M India, Astral, Adani Wilmar, Godrej Properties, IDFC First Bank, MRF, Procter & Gamble Hygiene and Health Care, Sona BLW Precision Forgings, Star Health and Allied Insurance Company, Supreme Industries, and Tata Communications were also among the stocks that hit their 52-week lows in intraday trade on BSE.

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Falling for the second consecutive session, Indian stock market benchmarks – the Sensex and the Nifty 50- closed one per cent lower on Monday.

The Sensex ended with a loss of 824 points, or 1.08 per cent, at 75,366.17. The Nifty 50 ended at 22,829.15, down 263 points, or 1.14 per cent.

The BSE Midcap index lost 2.68 per cent, and the Smallcap index suffered a loss of 3.51 per cent.

The overall market capitalisation of the firms listed on the BSE dropped to nearly ₹410.2 lakh crore from ₹419.5 lakh crore in the previous session. Thus, investors lost nearly ₹10 lakh crore in a day.

“Broad-based selling across sectors plummeted the Indian market amidst tepid earnings and weak sentiments across the globe. Mid and small caps remained in their downward trajectory over expensive valuations,” said Vinod Nair, Head of Research, Geojit Financial Services.

“FIIs are on a selling spree due to moderation in economic growth and INR depreciation. The weak sentiments were further exacerbated as the US trade confrontation continued, like with Colombia this time. Heightened volatility is here to stay this week ahead the upcoming events risk like the FOMC meeting, expiry week, and Union Budget,” said Nair.

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