Diwali sale on D-Street: Nearly 30 Nifty stocks fall 20-60% from 52-week highs
Updated : October 30, 2018 12:44 PM IST
Just ahead of Diwali, more than 50 percent of the stocks in the S&P BSE Sensex and Nifty50 are down over 20 percent which suggests that bears have taken control, or bear phase has begun in these stocks.
"This is a Diwali sale, investors should buy good stocks. I would buy IndusInd Bank at current levels. The management of IndusInd Bank is high in quality,” Dipen Sheth of HDFC Securities said in an interview with CNBC-TV18.
Among the Nifty50 names, over 50 percent or 28 out of 50 stocks have plunged 20-60 percent which include HPCL, BPCL, Indiabulls Housing Finance, Bharti Infratel, Vedanta, IOC, Adani Ports, Bajaj Auto and UPL.