New Delhi, Dec. 6 -- A rising tide tends to lift all boats. But not in the current rally going on in the Indian stock markets. While the bellwether Sensex achieved a new high on 28 November, a large number of stocks hit their 52-week lows. Over 300 stocks were within 5% distance from their 52-week lows. This is nearly three times the number of stocks (120) that were near their 52-week highs.
Out of 2,620 traded stocks on BSE, more than 22% were quoting about 10% higher compared to their 52-week lows. This is more than twice the number of companies trading at their 52-week highs.
While the phenomenon seems peculiar, a large number of stocks were hitting new lows even in early 2008, when the Sensex and Nifty were touching new peaks. From th...