Essar Shipping Ltd Faces Selling Pressure, Stock Declines 5% Amidst Yearly Loss of 37.70%
Over the past week, Essar Shipping has performed relatively well, gaining 7.41%, while the Sensex fell by 2.31%. However, the longer-term view reveals a troubling trend, with the stock down 37.70% over the past year compared to the Sensex's decline of just 5.96%. Year-to-date, Essar Shipping has also underperformed, showing a decrease of 20.33% against the Sensex's increase of 3.30%.
The stock's performance today is particularly concerning as it underperformed its sector by 3.22%. The stock touched an intraday low of Rs 28.13, reflecting the ongoing selling pressure. Additionally, while the stock remains above its 5-day, 20-day, and 50-day moving averages, it is below its 100-day and 200-day moving averages, suggesting a potential weakening trend. The broader shipping sector has also seen a decline of 2.26%, which may be contributing to the selling activity in Essar Shipping.
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