Updated on 22 Nov 2016
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Stocks touched 52 week low on Monday
Major equity benchmarks slipped below their crucial 200-day moving averages and dozens of stocks hit lower circuits and 52-week lows in a broader selloff that shaved Rs 2.16 lakh crore off investor wealth in a single session.
At close, the Sensex was down 385.10 points, or 1.47 per cent, at 25,765. The Nifty50 plunged 145 points, or 1.80 per cent, to 7,929, after hitting the Brexit vote result day low of 7,927. In just eight sessions till Monday, the two equity benchmarks erased entire gains they had made throughout 2016.
168 stocks hit 52-week lows:
The list was long. RCom, Bata India, HDIL, Jet Airways, Reliance Power, Titan and Network18 were some of BSE A-group stocks that hit their one-year lows during the session. Others included OFSS, Apollo Hospitals, Alok Textiles and Tata Elxsi among others. A total of 338 BSE stocks hit their lower circuit limits during the session.
Smallcap stocks took a beating
The BSE Smallcap index lost 3.16 per cent to 11,493.81 during the day. As many as 713 index stocks plunged while 60 ended higher in the volatile session. Capital Trade Links hit its 20 per cent lower circuit limit at Rs 38.05. Shalimar Paints sank 15.02 per cent, while JMC Projects, Lakshmi Vilas Bank and Nutraplus India slid 13.51 per cent, 12.62 per cent and 12.56 per cent, respectively.
Banking stocks down:
Banking stocks fell amid fears that the currency exchange process will hit their profits in the short term. None of BSE Bankex stocks could log any gain. PNB cracked 8.82 per cent, followed by Bank of Baroda, SBI, Federal Bank and Yes Bank, which fell between 5.7 per cent and 8.53 per cent.
Titan, Page Inds saw spurt in OI: Stock futures of Titan saw the biggest spurt in open interest (OI) at 52 per cent on NSE. Stock futures of Page Industries, Apollo Hospitals and HCL Technologies saw their open interest rise by up to 45 per cent. Shares of Page Industries fell 2.7 per cent while those of Apollo Hospitals by 3.7 per cent. A fall in OI along with a rise in stock price is seen as a negative setup and vice-versa.