Southern Magnesium & Chemicals Faces Intense Selling Pressure Amid Significant Price Declines
Southern Magnesium & Chemicals Ltd is experiencing notable selling pressure, with a five-day decline resulting in a total loss of 12.48%. The stock has reached a new 52-week low and is trading below key moving averages, contrasting sharply with the broader Metal - Non Ferrous sector's recent gains.
Southern Magnesium & Chemicals Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced a consecutive decline over the past five days, resulting in a total loss of 12.48%. Today, the stock fell by 4.96%, underperforming the Sensex, which gained 0.38%. In the past week, Southern Magnesium & Chemicals has dropped 12.34%, while the Sensex declined by only 1.87%. Over the last month, the stock has plummeted by 30.18%, compared to a modest 0.60% decrease in the Sensex. Year-to-date, the stock has lost 57.41%, contrasting sharply with the Sensex's gain of 2.53%.
Today's trading saw the stock hit a new 52-week low of Rs. 111.15, following an initial gap up of 4.36%. The stock reached an intraday high of Rs. 122.45 before closing lower. Additionally, it is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The broader sector, Metal - Non Ferrous, has shown resilience, gaining 3.91%, further highlighting the challenges faced by Southern Magnesium & Chemicals in the current market environment.
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