Apr 27, 2023By: Bhakti Makwana
Benchmark index Sensex has gained nearly 5 percent in the last one month after extreme volatility in the months before. However, a heavy sell off had battered many stocks across sectors including that of IT, due to macro concerns.
“Nifty has broken the upper band of the 17,500-17,800 range in which it has been trading recently. The rally may sustain but a significant surge beyond 18,000 appears difficult in the near-term. Investors can continue with the ‘Buy on dips’ strategy,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.
While market sentiment has improved with a slowdown in FII selloffs, and a steep fall in crude oil prices, there are stocks that have fallen down to their 52-week lows on April 27.
After the merger of two multiplex chains PVR and Inox Leisure this year, shares of the merged entity fell to a 52-week low of ₹1,430.55. The stock fell nearly 4 percent in the last one month and 16 percent in the last six months.
Constant FII selling in the stock, low footfalls in theaters are some reasons for the fall. Analysts remain concerned about low box office collections, and poor content leading to flop movies on the big screen.
Shares of the Hyderabad-based digital marketing company hit a 52-week low of ₹9.85. The stock tumbled 44 percent in the last one month and 72 percent in the last six months. This penny stock was once a multibagger.
Market regulator SEBI has issued a show cause notice to the company accusing it of dubious accounting practices and manipulation of financial statements. The regulator said the company camouflaged impairment losses of more than ₹1,280 crore in the financial years FY19 and FY20.
Shares of the Jaipur-based housing finance company has hit its 52-week low of ₹1,411.9. The stock slipped nearly 13 percent in the last one month and 29 percent in the past six months.
The company’s stock has been falling as managing director Sushil Agarwal trimmed his stake in the company to 1.55 percent from 3.3 percent. According to a Citi Report, the sell-down could weigh on the stock further but the fundamentals remained intact.