39 stocks from BSE 500 index hit 52-week lows

STOCK MARKET - Markets have been on a downward spiral since August 1 when the S&P BSE Sensex ended at a record high of 32,575 levels. Since then, the index has tanked 4.2%, or around 1,381 points in past eight trading sessions.

Central Bank of India, IDBI Bank and UCO Bank from the public sector banks, Blue Dart Express, and Gati from logistics and Wockhdart, Unichem Laboratories, Marksans Pharma and Glenmark Pharmaceuticals from the pharmaceutical too hit their respective 52-week lows on Friday in intra-day trade.

Geopolitical concerns, the tension between US and North Korea continued to weigh on the markets and the trend is likely to continue in the near term.

“SEBI’s crack down on the shell companies and the ongoing tension in the Doklam region continued to have a negative impact on the markets. With global markets remaining weak the Indian markets could also continue to remain under pressure in the near term,” Angel Broking said in a note.

The foreign portfolio investors (FPIs) have pulled out net amount of Rs 1,028 crore, while domestic institutional investors (DIIs) pumped in Rs 2,876 crore in equities, according to stock exchange provisional data.

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