BSE-500 is near its 52-week peak of 27423.75. It touched this level on Wednesday and closed at 27401.79. Twenty-five stocks in the index have fallen 30 to 80 percent from their 52-week highs so far. Adani Total Gas was the top loser with a decline of 84.20 percent. On Wednesday, Adani totaled Rs. It closed at 644.70. Its 52-week high is Rs 3,998.35.
Other Adani group companies – Adani Energy Solutions, Adani Green Energy and Adani Wilmar – fell 80.80 percent, 60.50 percent and 58.40 percent, respectively, from their 52-week highs. In comparison, the benchmark BSE Sensex has lost 2.7 percent from its 52-week high of 67,619.17 on July 20. The broader BSE 500 index touched its 52-week high of 27,373 on September 5, 2023. KRChoksi Research last month on Adani Wilmar for Rs. Maintained ‘Buy’ rating with target price of 471. On September 6, the company’s shares were Rs. closed at 352.75.
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Vinod Nair, head of research at Geojit Financial Services, said, “India has now evolved into a stock-to-sector play. We expect the entire category to outperform over the medium to long term. In the current scenario, small-caps look even more attractive than mid-caps. However, given the overall market consolidation, this is not an ideal environment to invest in high-risk categories, leading to mixed sentiment.”
These stocks have fallen as much as 40 percent
The data further revealed that Campus Activewear, Rajesh Exports, Piramal Pharma, Easy Trip Planners, Polyplex Corporation, Aarti Industries, Balaji Amines, Deepak Fertilizers and Petrochemicals Corporation, Uflex, FSN E-Commerce Ventures and Adani Enterprises also rose by 40 per cent. Moderate retreat has taken place. 54 percent from their 52-week high. JM Financial Rs. FSN is bullish on E-Commerce Ventures (Nykaa) with a target price of 210.
Other major losers
JM Financial said in a report, Nayka is becoming the BPC platform of choice for buyers who spend heavily and transact in large volumes. Other major losers include Ques Corp, City Union Bank, Aditya Birla Fashion & Retail, Blue Dart Express, Tata Teleservices (Maharashtra), Fine Organic Industries, Glend Pharma, Sheela Foam, V-Mart Retail and Awas Financiers. have fallen between 30 percent and 40 percent, respectively, from their 52-week highs.