Today, the National Stock Exchange (NSE) benchmark index Nifty 50 opened on a negative note at the level of 10,514.10 from its previous closing level of 10,599.25. And just after the opening, it starts plunging and trading near the level of 10,430.60 (02:13 PM, IST).
During the session, many stocks hit the 52-week lows including the Bajaj Auto, Castrol India, Ceat, Vodafone Idea, Apollo Micro Systems, IRB Infrastructure Developers, JBM Auto, JMT Auto, and Vardhman Textiles among others.
This list also includes the stocks of oil sector such as Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation which also hit the fresh 52-week lows on NSE today. This is after when the government had on Thursday announced a lowering of excise duty by 1.50/litre and asked these three public sector oil marketing companies to cut prices by Rs 1/litre.