After hitting the record high in last week’s trading session, the Indian benchmark indices NIFTY and SENSEX has turned weak and is trading lower by 59.80 points at 10,959.10 and 153.39 points at 36,388.24.
Over 269 stocks hit fresh new 52-week low on National Stock Exchange (NSE) with PC Jeweller down 20 percent and Reliance Industries Limited slips 2 percent. Nifty Pharma is trading lower by over 2 percent with Dr. Reddy’s Labs tanking 8 percent followed by Lupin and Sun Pharma which is lower by 2 percent each. The other losers include names like Glenmark Pharma, Divis Labs, and Cadila Healthcare.
In fact, the oil and gas stocks are also trading lower with Reliance Industries down 2 percent while BPCL, HPCL, and GAIL India being the other losers.