Jindal Saw Faces Decline Amid Broader Market Downturn and Sector Underperformance
Jindal Saw, a midcap player in the steel industry, saw its shares decline significantly today amid a broader market downturn. Despite a brief intraday high, the stock has faced a cumulative drop over the past two days and has underperformed its sector recently, particularly over the last three months.
Jindal Saw, a midcap player in the Steel/Sponge Iron/Pig Iron industry, has experienced a notable decline today, with shares dropping by 5.05%. This performance comes amid a broader market trend, as the Sensex also faced a downturn, reversing from an initial positive opening to trade down by 0.36%.In terms of intraday performance, Jindal Saw reached a high of Rs 273.35, reflecting a modest gain of 2.19%, but fell to a low of Rs 254.2, marking a decrease of 4.97%. Over the past two days, the stock has seen a cumulative decline of 7.04%, underperforming its sector by 4.42% today.
When examining moving averages, Jindal Saw's current price is above its 5-day, 20-day, and 50-day moving averages, yet it remains below the 100-day and 200-day moving averages. Over the past month, the stock has shown a positive return of 3.72%, contrasting with a 4.20% decline in the Sensex. However, its performance over the last three months has been challenging, with a drop of 23.85% compared to the Sensex's 9.13% decline.
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