Global sell-off amid US presidential debate and an OPEC meeting due this week spooked the domestic equity markets on Monday. However, 62 stocks on NSE defied this downward trend and hit fresh 52-week high. These included Agarwal Industrial Corporation, Bharat Gears, Century Textiles & Industries, Apollo Sindoori Hotels, Edelweiss Financial Services, Gitanjali Gems, Indian Metals & Ferro Alloys, Kaushalya Infrastructure Development Corporation, Kesoram Industries, Johnson Controls Hitachi Air Conditioning India, KNR Constructions, Reliance Industries and Raymond. The BSE Sensex registered a fall of 373.94 points to end at 28,294.28, while NSEE sttled below 8,800-mark by dropping 108.50 points to 8,723.05. Investors also remained cautious ahead of upcoming monetary policy review on October 4, the first to be held under new RBI Governor Urjit Patel.
Jayant Manglik, president, retail distribution, Religare Securities Ltd said, “Nifty made a feeble start of the expiry week and shed over a percent, tracking weak global cues. After gap-down start, it remained downward bias till the end and closed around day’s low. Besides anxiety of expiry week, participants were maintaining caution citing global markets condition ahead of first US presidential debate. Also, the meeting of OPEC members,
scheduled on Wednesday i.e. Sept 28, might results in any breakthrough in oil production cut, further weighing on the sentiments. Such slides are normal in broader consolidation phase and especially when the news flow is high.”
Among other stocks that hit their fresh 52- week high on NSE on Monday were Super Spinning Mills, Whirlpool of India, West Coast Paper Mills, Phoenix Lamps, The Ramco Cements, Rushil Decor, Sarda Energy & Minerals, SRF, Igarashi Motors India, Gyscoal Alloys and Energy Development Company.
GOL Offshore, Naga Dhunseri Group, Parsvnath Developers, Future Retail, MindTree, Pearl Global Industries, Ess Dee Aluminium and FCS Software Solutions were among 30 stocks that touched fresh 52-week low on NSE on Monday.