Stock market today: 128 BSE-listed stocks hit their respective 52-week lows on Friday, February 21 amid the continued sell off in the Indian markets.
These include Tata Communications, Indiamart Intermesh, Cera Sanitary, Star Health Insurance, Grindwell Norton, P&G Hygiene, Kirloskar Oil, Natco Pharma, Balkrishna Industries, and Kajaria Ceramics, among others.
Go Fashion, Dreamfolks Services, Gateway Distriparks, Jupiter Infomedia, Nibe, Quick Heal, Sharp India, Sula Vineyards, were also among the stocks that reached their lowest levels in a year.
The Indian stock market extended its losing streak for the fourth straight session on Friday, pressured by weak global sentiment. Benchmark indices, Sensex and Nifty 50, ended around 0.5 percent lower on February 21, as selling intensified across auto, pharmaceutical, financial, and FMCG stocks.
Market sentiment remained under pressure due to multiple factors, including global geopolitical uncertainties, signs of slowing domestic economic growth, elevated valuations, and weaker-than-expected corporate earnings. Adding to the volatility, concerns over potential tariff hikes by US President Donald Trump on imports further weighed on global financial markets.
At the close, the Sensex slipped 424.90 points to 75,311.06, while the Nifty 50 lost 149.20 points to settle at 22,763.95. The broader markets have now witnessed losses in 12 of the past 13 sessions.
“The domestic market continued to exhibit broad-based weakness, primarily influenced by investor concerns over the hawkish tone of the FOMC minutes, which signalled prolonged higher interest rates that could constrain liquidity in EMs. Although the market has undergone a healthy correction, the uncertainties surrounding the gradual recovery of corporate earnings and ongoing tariff-related risks continue to cast doubt on valuation levels, particularly in the broader market. India is currently lagging behind its Asian peers, as FII outflows remain high, with the “sell India, buy China” strategy continuing to yield returns for the time being,” said Vinod Nair, Head of Research, Geojit Financial Services.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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