ITC, Wipro, GAIL, TCS Fall To 52-Week Lows

Bluechip stocks like ITC, Wipro, GAIL and TCS all fell to their 52-week lows in trade, as markets continued to trade between gains and losses.

FMCG major ITC fell to a new 52-week low of Rs 172.55, while India's leading natural gas player, GAIL dropped to a new 52-week low of Rs 94.85. The list of bluechip stocks dropping to 1-years lows is quite large and in fact, includes the likes of EIH, Indian Hotels, Vedanta etc.

IT stocks, TCS and Wipro both dropped to 52-week lows, on reports that the Karnataka State Minister, will restrict travel of IT professionals to infected countries.

Several other bluechip companies also dived to their 52-week lows, as the markets today moved between gains and losses. This was after a substantial fall in the markets on Monday, in which the index saw its biggest fall ever. Investors are advised to continue exercising caution as markets are continuing to signal extreme weakness.

The coronavirus is an unknown and nobody is sure of the extent of damage that it is capable of causing the economy. Quarterly numbers are most likely to be impacted especially for companies that are linked to the hospitality and aviation business. Some states have shutdown schools and are imposing travel restrictions.