In a week that saw BSE Sensex hitting an all-time high, gains in the markets were not broad-based as indicated by the stocks in midcap and smallcap segments. As many as 21 stocks from the BSE500 pack hit their 52-week lows.
Buoyed by dovish remarks by the US Federal Reserve officials on futures rate hikes, Sensex hit a lifetime high, while Nifty50 hit a 52-week high. For the week, however, Sensex gained just 1%.
Stocks of pharmaceutical, consumer discretionary, and e-commerce players faced selling pressure.
, , , , , and were among the 21 stocks that hit 52-week lows. Delhivery was also a laggard and the stock hit a lifetime low.
Potential risks highlighted by Macquarie Capital Securities for Paytm’s business from the foray by
into financial, prompted investors to dump shares of One97 Communications, which has already been one of the worst performers in 2022 so far.
Shares of the online payment services provider have fallen 29% so far in November.
Shares of online logistics services provider Delhivery have fallen over 5% this week and hit a new 52-week low at Rs 317. The stock is around 55% down from its 52-week high of Rs 708.45 and is trading 35% lower from its IPO issue price of Rs 487.
Pharmaceutical shares have been out of favour given the weak outlook for the US business and some challenges seen for the domestic business for a few companies.
“Pharma does not have a big overall story, so it is not a theme-based story at this stage,” said market expert Sandip Sabharwal.
“Some of the smaller companies which were fancied earlier are facing margin and balance sheet pressures,” Sabharwal said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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