 "More stocks stare at hitting 52-week lows as investor sentiment weakens")
An average 267 stocks hit their 52-week lows every day last week on the BSE as the rout took key benchmark gauges to multi-month lows.
In the preceding week, an average 78 stocks hit 52-week lows — in line with this financial year’s (2022-23, or FY23) average of 75.
A worsening market breadth is an indicator of weak investor sentiment. The number of stocks hitting their lower trading limits, too, has shot up.
Typically, liquidity in the smaller counters is shallow. Any change in sentiment can lead to sharp reversal in fortunes.
The number of stocks that hit their 52-week highs last week dropped to 73, against FY23’s average of 121 and 200 during the first week of April.
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