Stock market fall: TCS, Jio Financial, Asian Paints hit 52-week low

NIFTY and SENSEX extended fall for the 8th straight day on Friday, February 28, amid a sell-off in global markets after US President Donald Trump on Thursday said his proposed 25% tariffs on Mexican and Canadian goods will take effect on March 4.

On Friday, February 28, as many as 657 stocks hit their lowest level in 52 weeks, a major selloff was seen in the broader equity markets amid rising trade tensions worldwide.

As of 12:30 pm, the benchmark NIFTY 50 declined 374 points, or 1.66%, to 22,170. The BSE SENSEX, meanwhile, slumped 1,232 points, or 1.6%, to 73,380.

The volatility index, or India VIX, inched up 1.2% to 13.48. All the sectoral indices were trading in the red, with the NIFTY IT and the NIFTY Auto being the top losers, down 4% and 3%, respectively.

Tata Consultancy Services (52-week low: ₹3,457)

The share price has fallen more than 15% in the past month as worries mount over the imminent trade war. US President Donald Trump announced that the proposed 25% tariff on imports from Canada and Mexico will be implemented on March 4 after a month-long postponement. This development puts global economic growth at risk, which is negative for IT companies.

Jio Financial Services (52-week low: ₹208.5)

The correction came after reports of a block deal involving 10.8 lakh shares of Jio Financial Services surfaced on Thursday. No further details were released, but the deal was significant as it came ahead of the stock's inclusion in the benchmark Nifty 50 index from March 28.

Tata Technologies (52-week low: ₹668.5)

Tata Technologies was in focus today as it became one of the new entrants into the F&O space from the start of the March series after 16 stocks were excluded from the Futures and Options (F&O) space on Thursday at the end of the February series.

Railtel Corporation (52-week low: ₹278.4)

This was despite RailTel, which is one of the largest neutral telecom infrastructure providers in the country, reporting a new order win on Tuesday. The company along with its consortium received a ₹111.43 crore (including tax) work order from South Central Railway for comprehensive signalling and telecommunication works.

Asian Paints (52-week low: ₹2,178)

Like other paint companies, Asian Paints has been under pressure. Earnings have taken a hit in the past couple of quarters due to rising crude oil prices, intensifying competition, and subdued demand.