Blue-Chip Companies Suffer, Stocks Trade at 52 Weeks Low

Now that Trump came out Victorious, stocks picked up the pace and began to move towards the positive gradually. But during the election, the market witnessed an ugly bloodshed. Each step by Republican Donald Trump towards the win in the US presidential election had unnerved market sentiments globally on Wednesday, which caused domestic equity Benchmark Sensex to crash some 1,600 points and Nifty to slip by some 300 points. As of 11 am (IST), as many as 170 stocks on the National Stock Exchange (NSE) had hit their new 52-week lows in this meltdown.

Infosys share price tanked 8 per cent from its previous close to trade at the new 52 weeks low of Rs. 901. The top 500 recommendation from Dynamic Levels had last traded on its one year low at Rs. 961 on 4th November 2016.

Stock Name

52-week low

% Decline

Infosys

901

8%

Wockhardt

688

14%

ABB

931

14%

ADSL

25

16%

Alok Industries

2.75

14%

Bata India

422

9%

Coffee Day Enterprises

205

8%

EIH

91

15%

GlaxoSmithKline

2610

4%

Indian Overseas Bank

20

0.2

Idea Cellular

66

10%

GNA Axles

189

19%

IVRCL

3.7

0.2

Jet Airways

390

11%

JSW Energy

53

0.15

Jubilant FoodWorks

880

10%

Bank of Maharashtra

23

0.21

Majesco

331

20%

MT Educare

110

0.18

NIIT Technologies

367

10%

Parsvnath Developers

11

0.21

Suzlon Energy

12

20%

VRL Logistics

225

0.2

Wockhardt, ABB, ADSL, Alok Industries, EIH, Idea Cellular, GNA Axles, Jet Airways, JSW Energy, Jubilant FoodWorks, MT Educare and NIIT share price were among the ones that slipped between 10 per cent -20 per cent.

Indian Overseas Bank, IVRCL, Bank of Maharashtra, Majesco, Parasvanath, VRL and Suzlon share price declined by 20 per cent and above.

All Asian markets crashed amidst volatile trading on Wednesday, as investors waited for the outcome of the US presidential election.

Hang Seng, Nikkei and Shanghai indices declined by 2.79 per cent, 4.94 per cent and 0.43 per cent, respectively.

Domestic equity Index BSE Sensex were trading down by nearly 1,000 points, or 3.50 per cent, at 26,604.59 as of 11 am (IST), pulled itself up and was trading at 27,174.14 after the results were declared. NSE Nifty, which was trading 319.30 points, or 3.74 per cent, down at 8,224.25, was now trading at 8404.35 at 1:52 PM. Midcap and smallcap stocks was underperforming the largecap indices.

Analysts had said that market hates uncertainty. The chances of Donald Trump’s win over Hillary Clinton, which is totally a surprise dose for equity market, has hurt sentiments.

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