‘Markets have entered into slowdown phase’

AHMEDABAD: With equity market benchmarks sensex and nifty continuing their losing streak, several stocks are getting battered each passing day. On Thursday, nine Gujarat-based companies touched a 52-week low in intraday trades. The number is even bigger with 26 firms making yearly lows since the beginning of this week. Gujarat State Fertiliser and Chemicals Limited (GSFC), Ratnamani Metals and Tubes, Gujarat Pipavav Elecon Engineering Limited and Rushi Decor Limited saw their shares on BSE hitting a year's low in intraday trades on Thursday.Seven companies based out of the state made their 52-week lows each on Monday and Tuesday, while the number stood at 3 on Wednesday as the markets bounced back. Among prominent companies that hit a yearly low in past four days are state-run firms like GNFC, GMDC, GIPCL and Gujarat Gas. The private companies include Arvind Ltd, Symphony Ltd, Adani Ports and SEZ (APSEZ), Atul Auto and Asian Granito to name a few. Majority them have recovered from their year-lows but several are still trading not far from their 52-week low levels.“The markets have entered into a slowdown phase. With constant selling by foreign institutional investors and slide in currency and rise in crude oil prices, the listed companies will continue to make new lows,” said Nilesh Kotak, a city-based stock analyst.“The mid cap and small cap stocks have been battered substantially. These medium and small companies may see some improvement if they report good numbers for October quarter. If their quarterly performance gets impacted by firm crude oil and higher interest rates, their stocks will continue to struggle,” he added.Although Sensex has shed 373.23 points from 34,474.38 to 34,001.15 points since Monday, the benchmark index has seen volatility of 1,134.82 points during the week. Over the last four days, Sensex touched intraday high of 34,858.35 and made a low of 33,723.53 points.