The Sensex rose 0.4 percent in May but there were more stocks which hit fresh 52-week lows as compared to stocks hitting new highs, which suggests that the pressure is likely to continue. Nearly 600 stocks hit fresh 52-week lows while a little over 200 stocks hit a fresh 52-weeks high on the BSE.

As many as 598 stocks on the BSE hit a fresh 52-week low. These include: TTK Prestige, UltraTech Cement, Blue Dart Express, Dr Reddy's Laboratories, ACC, Ceat, ABB India, Hindustan Aeronautics, Mahanagar Gas and Vadilal Industries.

Most analysts are of the view that these stocks are clearly in a bear market and investors should not rush to average out their holding in stocks hitting fresh 52-weeks low.

“Most stocks are under pressure and have faced significant corrective action as they failed to meet market expectation after their quarterly result,” Rajesh Palviya, Head-Technical & Derivative Research, Axis Securities, said. He advises investors not to average stocks that are hitting 52-week lows at the current juncture. “Looking at the macro picture, we feel there would be more short term downside in these stocks.”

Experts said stocks hitting fresh 52-week lows when the benchmark index is 4-5 percent below its record high clearly denotes their feeble nature. “Traders need to take extra effort and identify good quality stocks which are undergoing a corrective phase. Not all stocks which are hitting fresh 52-week low are good buys on declines,” they added.

“There are many stocks which are continuously hitting new 52-week lows, which is a worrying sign. It is clear that a section of this bull market appears to be in a bear market of its own as certain stocks are consistently touching new 52 week lows, some are even trading at life-time lows,” Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, said.