Stock market crash: Over 850 stocks hit 52-week lows today; Sensex crashes over 2,000 points in 3 sessions
The Sensex has lost over 2,000 points in just three sessions, wiping out ₹10 lakh crore in investor wealth. As many as 869 stocks hit their 52-week lows on Monday. In the Sensex index, only three stocks ended with gains.
Stock market crash: The benchmark Sensex ended lower for the third consecutive session on Monday, 2 March, losing 1,048 points, or 1.29%, to end at 80,238.85. The NSE counterpart, the Nifty 50, settled at 24,865.70, down 313 points, or 1.24%.
In these three sessions, the Sensex has lost 2,037 points, or 2.5%, and investors have become poorer by more than ₹10 lakh crore as the cumulative market capitalisation of BSE-listed firms dropped to below ₹457 lakh crore on Monday from ₹467.4 lakh crore on Wednesday, February 25.
Meanwhile, as many as 869 stocks hit their 52-week lows on the BSE.
Stocks at 52-week lows
TCS, ITC, Trent, Wipro, Coforge, Dixon Technologies, Info Edge (India), Shree Cement, SRF, Suzlon Energy, and United Spirits were among the stocks that hit their 52-week lows on the BSE.
Abbott India, Adani Total Gas, Bajaj Housing Finance, Balkrishna Industries, Berger Paints India, Container Corporation of India (Concor), IRCTC, IREDA, IRFC, NHPC, Oberoi Realty, Page Industries, Procter & Gamble Hygiene and Health Care, Rail Vikas Nigam (RVNL), Shree Cement, SRF, Swiggy, and UCO Bank, too, were among the stocks that hit their 52-week lows in intraday trade on the BSE.
Meanwhile, 94 stocks, including ONGC, SAIL, Hitachi Energy India, and Bharat Forge, hit their 52-week highs in intraday trade on the BSE.
Top gainers and losers today
In the Sensex index, only three stocks- BEL (up 2.09%), Sun Pharma (up 0.84%), and ITC (up 0.38%)- ended higher.
On the other hand, InterGlobe Aviation (IndiGo) (down 6.25%), Larsen and Toubro (down 5%), and Adani Ports (down 3.33%) ended as the top losers in the index.
As many as 20 stocks, including Kridhan Infra and Finkurve Financial Services, plunged more than 15% on the BSE. However, 11 stocks, including Jindal Drilling & Industries and Veerkrupa Jewellers, jumped more than 15% on the BSE, defying weak market sentiment.
"Rising geopolitical tensions in the Middle East have unsettled global markets, with concerns over the possible extension of the situation given the killing of Iran's supreme leader. Rising crude oil prices and a weakening INR reflect concerns over potential disruptions to oil supply, which could increase inflationary pressures in India and impact fiscals and strain margins for energy and chemical-dependent sectors," Vinod Nair, Head of Research, Geojit Investments Limited, noted.
According to Shrikant Chouhan, the head of equity research at Kotak Securities, the current market texture is weak but oversold. Therefore, there is a possibility of a technical bounce-back from the current levels.
"For day traders, 24750 would act as a key support zone. As long as the market trades above this level, a pullback formation is likely to continue. On the higher side, it could bounce back till 25,000-25,075. On the flip side, below 24,750, the market is likely to slip to 24,650-24500," said Chouhan.
Read all market-related news here
Read more stories by Nishant Kumar
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
About the Author
Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade. <br><br> He is obsessed with breaking down complex financial and economic concepts into clear and engaging stories. He focuses not only on what is happening in the markets, but also why it matters. <br><br> His coverage includes stock market trends, sector rotations, monetary and fiscal policy developments, inflation, growth data, and personal finance strategies. <br><br> With nearly 10 years of experience in covering financial markets, Nishant has covered bull markets, corrections, policy transitions, and macro developments that has equipped him with a deep understanding of how domestic and global forces shape markets and affect investments. <br><br> He regularly interviews market veterans, fund managers, economists, policymakers, and corporate leaders to provide readers with a 360-degree view of market dynamics and the broader economic landscape. <br><br> Before joining Mint, Nishant worked with some of India’s most respected business newsrooms, including The Economic Times and Moneycontrol, where he reported extensively on the stock market, corporate earnings, macroeconomic trends, GDP, inflation, monetary policies of the RBI and the US Federal Reserve, bonds, and currencies. <br><br> Apart from economics and investing, he has interests in geopolitics and emerging technologies, such as AI.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.