Reliance Industries, State Bank of India (SBI), and Oil and Natural Gas Corporation (ONGC) were among the major stocks that hit their 52-week lows on Monday amid a market selloff. The broader market indicators reflected the turbulence, with the NIFTY declining for the ninth consecutive day and the SENSEX extending its losses for a second day. The drop was spurred by renewed concerns over US tariff policies, which triggered selling in blue-chip shares.
In early trading, key indices initially rose but quickly lost their gains due to aggressive selling in sectors such as metal, oil & gas, media, and realty. By the afternoon, the situation had worsened, with 899 shares hitting their 52-week lows on the National Stock Exchange (NSE). The overall market sentiment was notably negative, with approximately 2,400 stocks trading with losses, 406 experiencing gains, and 59 remaining unchanged.
Reliance Industries stocks were impacted by weak sentiment in the oil & gas sector. Factors such as stagnant crude oil prices, diminishing refining margins, and substantial LPG subsidy outgo have contributed to the decline. SBI shares touched a 52-week low, influenced by the broader market’s negative sentiment.
ONGC shares also plunged amidst the overall market decline, with persistent drop in global crude prices and sectoral pressures noted as key challenges. Numerous other stocks across various sectors followed the same downward trajectory, contributing to the overall gloomy market mood.
major stocks hit yearly lows
The market continues to grapple with volatility, driven by both domestic and international pressures. Investors remain cautious, particularly within sectors heavily affected by global economic policies and commodity price fluctuations. In a separate report, it was noted that 1,133 BSE-listed shares hit their 52-week lows in the volatile trading session on Monday.
Notable companies seeing significant declines included Adani Enterprises, Asian Paints, Bajaj Auto, Bank of Baroda, Canara Bank, Colgate-Palmolive, Dr. Reddy’s Laboratories, DMart, Godrej Consumer Products, Havells, Hindustan Unilever Ltd (HUL), Jio Financial Services, and Reliance Industries Ltd (RIL). The domestic benchmark indices, Sensex and Nifty 50, exhibited mixed performance throughout the day.
Analysts pointed out that market sentiment remained cautious due to ongoing global uncertainties, including potential US tariffs and significant outflows from foreign institutional investors. Reliance Industries Ltd (RIL) shares fell below their 200-week moving average (WMA) for the first time since the COVID-19 pandemic. Despite this near-term weakness, analysts maintain a bullish outlook on the stock, with the target price going up to Rs 1,827.
The fall in RIL’s share price is partially attributed to continuous selling by foreign institutional investors (FIIs). Investors are advised to monitor developments in these areas closely and consult certified experts before making investment decisions. The broader economic environment continues to impact market performance, and investors should remain cautious in navigating the ongoing turbulence.
