HFCL shares declined over 3.71% on Tuesday, touching an intraday low of ₹225 on NSE. The telecom gear stock opened at ₹230.50 compared to its previous close of ₹233.69 on Friday last week. According to reports from NSE, the stock has remained under pressure in the near-term, falling over 9.44% in a week. The decline occurred despite broader market indices recording sharp gains during Tuesday's trading session.
The stock's decline occurred despite Indian stock markets experiencing a remarkable bounce back after an initial dip at opening on September 11. As reported by NSE data, around 12.77 lakh shares changed hands in the intraday session on Tuesday, indicating significant trading activity amid the price movement. The broader market context shows mixed performance with Nifty 50 ending at 23,398.10, down 79.70 points or 0.34%, while BSE Sensex closed at 74,781.76, up 120.83 points or 0.16%. The recovery remained narrow with the Bank Nifty closing marginally higher.
The sharp fall on Tuesday was attributed to investors rushing to book profits after the stock closed in green on Friday. According to market observers, this profit booking activity contributed to the stock's decline despite the overall positive market sentiment during the trading session. The profit booking reflects typical market behavior where investors take gains after recent price appreciation, particularly as the broader market showed mixed performance with Nifty IT up 5% while other sectors faced pressure.
