Stock market today: BPCL, IOC to IRFC — these 5 PSU stocks hit 52-week low
- Stock market today: PSUs such as BPCL and IOC reached 52-week lows during a market sell-off, as the Nifty 50 index decreased by 16%. The BSE market capitalisation also declined to ₹384 lakh crore from its peak of ₹478 lakh crore in September 2024.
Stock market today: Shares of public sector undertakings (PSUs) such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOC), Central Bank of India, Bank of Maharashtra, and Indian Railway Finance Corporation Ltd (IRFC) touched their 52-week lows during Monday's trading session against the backdrop of the frontline indices of the Indian stock market enduring a sell-off.
Over the past five months, the Nifty 50 index has fallen from a peak of 26,277 to a current level of 22,124, representing a decrease of 4,153 points or roughly 16 percent from its all-time high. According to reports, the market capitalization of companies listed on the BSE declined to ₹384 lakh crore at the end of trading on February 28, down from the all-time high of ₹478 lakh crore recorded in September 2024.
Technical Views
Shares of BPCL, IOC, Central Bank of India, Bank of Maharashtra,and IRFC were down 1-5% on Monday's session. According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, BPCL share price remains under pressure along with broader market, next support is around 220 the Low of last years February month from where prices had seen strong upmove, on the flip side, 255 - 260 is resistance.
Bhosale further explained that IOC share price continues to trade in a lower top lower bottom formation, it has broken its recent swing log of 115 and can now act as a resistance. On the flip side, 100 is the next support.
Central Bank of India share prices have seen sharp fall in last couple of weeks, in today's session as well the prices are down more than 5% , the weakness is likely to persist with prices mostly headed for 36 zone, highlighted Rajesh.
Bank of Maharashtra share price's previous support has been around 46 has been breached and prices are down by 5% today indicating strong weakness, stock prices may slip further with next support at 40, added Bhosale.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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.
- Top Gainers
- Top Losers
- 52 Week High