Selling pressure continued in Dalal Street on Thursday, pushing some stocks sharply lower across sectors like technology, renewable energy, pharmaceuticals, chemicals, and industrials. Many stocks were also down sharply in many of the trading counters, as KPIT Technologies and Servotech Renewable Power System were among the biggest losers in the session.
Market participants remained cautious as investor sentiment was weak and sell-off was heavy in some mid- and large-cap stocks and the market. The wider market was volatile, with the most volatile stocks in terms of price movements more than 5%. A few stocks fell more than 5% and investors were mainly focused on them and traders and investors.
One of the day’s biggest losers was Servotech Renewable Power System, which plunged 8.8 percent to close at ₹84.13. Despite the fall, the company still has a market capitalization of about ₹1,900 crore.
Technology company KPIT Technologies also went under heavy selling pressure and fell 7.9% to ₹588.30. The stock was one of the most actively traded counters on the day with nearly 74.9 lakh shares changing hands and around ₹449 crore of turnover in question, indicating a lot of investor interest.
Another big loser was PCBL, which dropped 7.57% to close at ₹338.00, and Hexaware Technologies lost 7.52% to close at ₹571.80 on a day of selling in technology stocks.
The weakness extended to the specialty chemicals sector as Laxmi Organic Industries slipped 6.24% to ₹188, continuing to struggle with chemical stocks.
Syngene International fell 5.64% to ₹390.90 on the back of poor quarterly earnings. It also had very high trading activity as over 1.1 crore shares were traded in the session and a turnover reached over ₹424 crore.
Healthcare company Eris Lifesciences declined 5.36% to ₹1,350.10 and renewable energy player Premier Energies was down 5.04% to ₹984.
DIA Cabs also joined the list of top losers, falling exactly 5% to close at ₹320.58.
While Waaree Energies did not fall more than 5%, the stock was still under pressure, and it closed at ₹2,630. Despite the drop, it was the biggest company with the largest market capitalization in the list of stocks in question, valued at over ₹75,650 crore. Trading volumes of nearly 35.8 lakh shares and a turnover around ₹930 crore were also very active.
Top Stocks That Declined During the Session
Company Closing Price Change
Servotech Renewable Power System ₹84.13 -8.8%
KPIT Technologies ₹588.30 -7.9%
PCBL ₹338.00 -7.57%
Hexaware Technologies ₹571.80 -7.52%
Laxmi Organic Industries ₹188.00 -6.24%
Syngene International ₹390.90 -5.64%
Eris Lifesciences ₹1,350.10 -5.36%
Premier Energies ₹984.00 -5.04%
DIA Cabs ₹320.58 -5.00%
Waaree Energies ₹2,630.00 -3.88%
Market analysts are betting that investors will be closely monitoring these counters in the coming trading sessions to see if bargain buying comes in after the sharp correction or if selling pressure remains due to poor market sentiment and company-specific developments.
Investors should not make decisions based on a single day’s price movement and should instead look at company fundamentals (quarterly earnings, sector outlook, long-term growth prospects) or how companies will perform in the future before making any investment decision.
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