The Indian benchmark indices have been trading on a negative note with the Nifty and Sensex down half a percent each. Nifty50 was trading lower by 69 points, trading at 10874 while the Sensex shed 164 points and was trading at 36,381 mark.
Nifty Metal along with the pharma index was down over 2 percent each dragged by NALCO, Hindalco Industries, Jindal Steel & Power, JSW Steel, MOIL, Vedanta and Hindustan Copper.
From the pharma space, the top losers were Dr Reddy’s Labs which tanked 6 percent followed by Piramal Enterprises, Glenmark Pharma, Lupin and Sun Pharma.
260 stocks have already hit new 52-week low on the NSE including names like Indiabulls Housing Finance which fell 4 percent followed by Vedanta, Mahindra & Mahindra, NTPC, JSW Steel, MRF, Motherson Sumi Systems and Coal India.
Rolta India was trading with volumes of 1,093,907 shares, compared to its five day average of 497,208 shares, an increase of 120.01 percent while Eveready Industries was trading with volumes of 288,785 shares, compared to its five day average of 8,166 shares, an increase of 3,436.34 percent.
Among the other stocks which moved the most with respect to volumes were Sun TV Network which spiked over 8 percent and was trading with volumes of 332,209 shares, compared to its five day average of 101,354 shares, an increase of 227.77 percent.
Mirza International was down over 11 percent, hitting new 52-week low and was trading with volumes of 36,075 shares, compared to its five day average of 9,561 shares, an increase of 277.33 percent.
On the BSE over 300 stocks have hit fresh 52-week low including names like NALCO, Indiabulls Housing Finance, Vedanta, Indian Bank, NTPC, IDBI Bank, JSW Steel, Tata Chemicals, Coal India and Balkrishna Industries.
Global research firm, Credit Suisse has maintained an outperform rating on M&M and has cut target to Rs 890 from Rs 1,020 per share. It believes that Q4 will be a soft quarter for margin and has cut forecasts by 5-9 percent.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a sell recommendation on Balkrishna Industries with a stop loss of Rs 770, target of Rs 745 while Sudarshan Sukhani of s2analytics.com has a sell on Mahindra & Mahindra with stop loss at Rs 695 and target of Rs 665 and a sell on JSW Steel with stop loss at Rs 269 and target of Rs 258.
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