Global jitters kept the domestic stock markets on tenterhooks on Monday as both the BSE Sensex and NSE Nifty posted their worst intraday fall since June 24. However, 29 stocks defied the trend on the NSE and hit their fresh 52-week high, which included companies like Hindustan Construction Company, Hindustan Composites, Patel Engineering, Balkrishna Industries, RPG Life Sciences, Prakash Constrowell and Thirumalai Chemicals. Sensex slumped 443.71 points to end at 28,353.54, while NSE Nifty settled the day below 8,750-mark by declining 151.10 points to 8,715.60 as global markets tumbled following expectations that US Federal Reserve could be closer to an interest rate hike.
On Monday’s marlet movement, Jayant Manglik, president, retail distribution, Religare Securities Ltd said, “Nifty opened with sharp cut on Monday and lost over one and half percent; pressurised by weak global cues. Sentiments soured with looming uncertainty on rate hike by the US Fed in upcoming policy meet on 21 September. At present, mixed statements are coming from the Fed members, indicating divide over the next move. Cautiousness on domestic front ahead of macro-economic data i.e. IIP and CPI inflation further dented the sentiments. As a result, broad-based selling was witnessed and almost all the sectoral indices, barring IT, ended lower.”
Prakash Constrowell, Rane Engine Valve, Apollo Sindoori Hotels, BLS International Services, Ducon Infratechnologies, Omaxe and PC Jeweller were also among other companies that hit fresh 52-week high on Monday.
Among the 22 companies that hit their fresh 52-week-low were AstraZeneca Pharma India, GEI Industrial Systems, Ruchi Infrastructure, Somi Conveyor Beltings, GEI Industrial Systems, Raj Rayon Industries and Ramco Systems.