Polycab India Shares Experience Mild Decline Amid Broader Market Downtrend

As of October 17, 2024, shares of Polycab India are experiencing a slight decline in the stock market. The company’s stock is currently trading at ₹7,123.45, which marks a decrease of 0.82% compared to its previous closing price. Simultaneously, the Sensex is also witnessing a downturn, recorded at ₹81,159.81, a drop of 0.42%.

Within the trading session, Polycab India’s stock has hit an intra-day high of ₹7,164.4 and a low of ₹7,017.5. Market analysts note that the stock is positioned above its 20, 50, 100, and 300-day Simple Moving Averages (SMA) but falls below its 5 and 10-day SMA. The SMAs serve as significant indicators of support and resistance for the stock.

The volume of shares traded for Polycab India on both the NSE and BSE by 11 AM was reported to be 87.47% higher than the previous session, indicating heightened trading activity. According to technical analysts, increased volume alongside a negative price movement could imply potential further declines.

Fundamentally, Polycab India maintains a strong financial profile, with a Return on Equity (ROE) of 24.07%. The company’s Price/Earnings (P/E) ratio is noted at 60.77, while its Price/Book (P/B) ratio stands at 12.57. Institutional stakeholder data reveals that the company has a 0.00% promoter holding, 0.99% mutual fund holding, and foreign institutional investors hold 13.48%, down slightly from 13.62% in the previous quarter.

Polycab India’s performance slightly contrasts with its industry peers, such as ABB India, CG Power & Industrial Solutions, and Hitachi Energy India, which are experiencing mixed trading results. Meanwhile, major stock indices like Nifty and Sensex are reflecting broader market challenges, both down by 0.52% and 0.42% respectively.