Indian benchmark indices plunged below their key support levels on Tuesday as the rupee further weakened against the US dollar to hit its all-time low of 61.80.
The fall smashed through the previous low of 61.21 seen on July 8, what traders said was due to dollar demand from importers.
The S&P BSE Sensex corrected over 500 points in intraday trade and has slipped below its psychological support level of 19,000. The Nifty also plunged below its crucial level of 5,550 to its lowest level since April 16.
The 50-share index closed at 5,542.25, down 143 points, or 2.52 per cent. It touched a high of 5,664.90 and a low of 5,521.80 in trade today.
The S&P BSE Sensex finally closed at 18,733.04, down 449.22 points, or 2.34 per cent. It touched a high of 19,131.92 and a low of 18,667.30 today.
According to analysts, the rupee is likely to head towards 64 in the near term and a further weakness in the currency is likely to cause more pain in markets.
If Nifty fails to hold on to its crucial support level of 5,500 in the near term, it could slip further to 5,200 levels.
However, at times like these analysts are of the view that investors can still look at IT and pharma stocks on account of weak rupee.
"There are very few places to hide in the market, but one could look at export-driven sectors such as IT and pharmaceuticals that have been doing well," said Manishi Raychaudhuri, MD & HoR, BNP Paribas Securities, in an interview with ET Now.
"Even among the manufacturing companies the net exporters like Bajaj Auto or let us say Tata Motors are likely to do well," he added. Raychaudhuri is of the view that there is a small pocket of stocks which investors can look at.
"We like ITC, Asian Paints or Dabur or even Hindustan Unilever at the present price of close to Rs 600 could be considered," he added.
Here's a list of 125 stocks which hit their 52-week lows in Tuesday's trade:
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The fall smashed through the previous low of 61.21 seen on July 8, what traders said was due to dollar demand from importers.
The S&P BSE Sensex corrected over 500 points in intraday trade and has slipped below its psychological support level of 19,000. The Nifty also plunged below its crucial level of 5,550 to its lowest level since April 16.
The 50-share index closed at 5,542.25, down 143 points, or 2.52 per cent. It touched a high of 5,664.90 and a low of 5,521.80 in trade today.
The S&P BSE Sensex finally closed at 18,733.04, down 449.22 points, or 2.34 per cent. It touched a high of 19,131.92 and a low of 18,667.30 today.
According to analysts, the rupee is likely to head towards 64 in the near term and a further weakness in the currency is likely to cause more pain in markets.
If Nifty fails to hold on to its crucial support level of 5,500 in the near term, it could slip further to 5,200 levels.
However, at times like these analysts are of the view that investors can still look at IT and pharma stocks on account of weak rupee.
"There are very few places to hide in the market, but one could look at export-driven sectors such as IT and pharmaceuticals that have been doing well," said Manishi Raychaudhuri, MD & HoR, BNP Paribas Securities, in an interview with ET Now.
"Even among the manufacturing companies the net exporters like Bajaj Auto or let us say Tata Motors are likely to do well," he added. Raychaudhuri is of the view that there is a small pocket of stocks which investors can look at.
"We like ITC, Asian Paints or Dabur or even Hindustan Unilever at the present price of close to Rs 600 could be considered," he added.
Here's a list of 125 stocks which hit their 52-week lows in Tuesday's trade:
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