Momentum Stocks Decline: TCS, RVNL, eClerx Services, and SBI Cards Reach 52-Week Lows

Market Momentum Shifts Amid Steady Trend

In a market short on fresh triggers, several stocks quietly stole the spotlight on June 8, driven purely by price action, technical breakouts, and sustained buying momentum.

Creative Newtech stood out as the standout performer, surging nearly 20% to ₹756.75. The stock is trading well above its key short- to medium-term moving averages, which indicates a positive trend in the near term. Specifically, it is trading above its 30-day SMA (₹631.68), 50-day SMA (₹613.86), 150-day SMA (₹664.15), and 200-day SMA (₹657.69). This sharp premium over all major moving averages signals strong bullish momentum and suggests sustained buying interest in the counter.

Other notable gainers included Thomas Cook, which gained 9.16% to ₹102.93, and is trading above its 30-day SMA of ₹94.29 and 50-day SMA of ₹96.95, indicating improving short-term momentum. YCCL also advanced 6.17% to ₹10.50, trading above its 30-day SMA of ₹9.89 and 50-day SMA of ₹10.12, reflecting positive short-term momentum.

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However, not all stocks were performing well. RHI Magnesita declined 4.42% to ₹379.30 and is trading below all its key moving averages, including the 30-day SMA (₹396.84), 50-day SMA (₹388.41), 150-day SMA (₹426.20), and 200-day SMA (₹436.76). This indicates sustained weakness and suggests that the stock remains under bearish pressure across both short-term and long-term timeframes.

Unihealth Hospitals also saw a decline of 3.89% to ₹434.95, trading below its 30-day SMA (₹452.56) and 50-day SMA (₹442.41), reflecting near-term weakness. However, it remains comfortably above its 150-day SMA (₹338.23) and 200-day SMA (₹294.72), indicating that the broader long-term uptrend remains intact despite the recent correction.

Spandana Sphoorty Financial's partly paid shares slipped 3.68% to ₹120. The stock is trading below its 30-day SMA of ₹124.59 and marginally below its 150-day SMA of ₹121.98, suggesting weak sentiment in the near term. However, it remains above its 50-day SMA of ₹112.71, indicating some support at lower levels.

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A few stocks saw sharp intraday moves and hit upper circuits, reflecting strong demand and limited supply—often a sign of bullish near-term sentiment. Notable gainers included Venus Remedies, Shree Vasu Logistics, Bafna Pharma, and United Foodbrands.

Meanwhile, a broad set of stocks scaled fresh 52-week highs, underscoring resilient underlying demand despite the absence of major news catalysts. Notable gainers included Adani Energy, JK Bank, Ather Energy, Sai Life Sciences, Federal Bank, Laurus Labs, and Krishna Institute of Medical Sciences.

On the other hand, some stocks touched 52-week lows, including TCS, Rail Vikas Nigam, Dalmia Bharat, eClerx Services, SBI Cards, Blue Dart, Reliance Industries, Emami, GlaxoSmithKline, and EID Parry.