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Indian Stock markets closed lower on Monday as markets across Asia and Europe declined. Investors dumped technology and healthcare stocks. FIIs have been net sellers worth $2.5 billion.
Pharmaceutical major Cipla touched 52-week low of Rs 273. Dr. Reddy’s Labs, Apollo Hospital, Piramal Health and Glenmark ended the day lower. Orchid Chemicals, IPCA Labs and Strides Arcolab were marginally higher.
Educomp Solutions touched 52-week low of Rs 192. The stock managed to close at Rs 201. Everonn Education was again locked in 20% lower circuit. The stock closed at 52-week low of Rs 280. Analysts are expecting the stock to close lower in coming sessions as well.
Among other stocks which touched 52-week low were Tata Power, PNB, Polaris, Prestige Estate, Viceroy Hotels, Mawana Sugars, JB Chemicals, Hanung Toys, FirstSource Solutions, Denso India and Modi Rubber.
Among technology stocks, major losers included Patni Computer, Wipro, HCL Tech and Infosys Technologies. Among gainers in technology space were Tech Mahindra and Financial Technologies.
Suzlon Energy ended the day with 5% gains. Praj Industries, Thermax, ABB and SKF India closed with marginal gains.
European stocks ended the day with decline. Banking stocks dragged the indices on euro zone debt worries and jobs data from United States. European stock indices touched their two week low.
Euro also dropped to 1.40 compared to US Dollar. There are fresh reports that Spain might be in financial trouble. Analysts are already worried about Italy.