Reliance Power, Waaree, Cochin Shipyard, JP Power, Swan Energy among 500 stocks to trade lower today

Reliance Power Ltd, Jaiprakash Power Ventures Ltd (JP Power), Cochin Shipyard Ltd, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Waaree Renewable Technologies Ltd and Swan Energy Ltd were among the 500 or so stocks on the BSE that hit their lower limits in Monday’s trade. Others included three BSE IPO constituents such as Exicom Tele-Systems Ltd, JNK India Ltd and Suraj Estate Developers Ltd. Five stocks of the BSE SME index also made it to the list of 500 stocks.

Stock prices are falling rapidly, with mid- and small-cap indices falling by as much as 4 percent on concerns that the Fed’s delay in cutting interest rates will lead to a recession in the US and could lead to an outflow of foreign capital.

“This sell-off is more of a short-term volatility in the form of profit taking and is not indicative of a long-term panic in Indian equities. Investors considering entering the stock market may consider a gradual entry during periods of volatility,” said Tanvi Kanchan of Anand Rathi.

Vishnu Kant Upadhyay, vice president of research and consulting at Master Capital Services, said disappointing U.S. economic data had raised concerns about a potential economic slowdown in the world’s largest economy. In addition, yen trading further weakened global sentiment, he said.

Shares of JP Power hit 5 per cent lower limit of circuit at Rs 18.81 on BSE. Reliance Power was blocked at Rs 32.85, down 4.98 per cent. Genus Power, Sterling and Wilson Renewable Energy, Swan Energy, Cochin Shipyard and GRSE were some of the BSE ‘A’ group stocks that hit 5 per cent circuit each. Waaree Renewable Technologies and Waaree Technologies Ltd fell 5 per cent each.

Aurionpro Solutions Ltd, TRIL, PC Jeweller, Solara Active Pharma Sciences Ltd, Paras Defence and Space Technologies Ltd and Gensol Engineering Ltd are the other stocks whose price has been locked at 5 per cent below the trading limit.

Five BSE SME index stocks namely Ahasolar Technologies Ltd, Innovatus Entertainment Networks Ltd, Shoora Designs Ltd, Bondada Engineering Ltd and Meson Valves India Ltd were blocked at 5 per cent each. BSE IPO index components Exicom Tele-Systems Ltd, JNK India Ltd and Suraj Estate Developers Ltd also closed at 5 per cent lower levels.