Three years of Modi Govt: Sensex, Nifty hit record highs; over 100 stocks hit fresh 52-week high
Stocks which rose to fresh 52-week high include names like Maruti Suzuki, Bharat Bijlee, Sagar Cements, Max India, TVS Motors, Vaibhav Global, Caplin Point, Premier Explosives, IOC, Kansai Nerolac, Muthoot Capital, Motherson Sumi etc. among others.
The S&P BSE Sensex rallied more than 250 points in afternoon trade on Tuesday to hit its fresh record high of 30,579.23 and as much as 104 stocks hit fresh 52-week high on the BSE on a day which marks the third anniversary of the announcement of BJP’s historic election victory.
The expectation of rebound in earnings growth, hopes of an above average monsoon, hopes of a continuation of reforms, as well as strong and global liquidity are some factors which are propelling a rally in Indian markets.
Stocks which surged fresh 52-week high include names like JK Lakshmi, Atul, Bajaj Holdings, Hitachi Home, Yuken India, Manpasand Beverages, Max India, Godrej Industries, Vaibhav Global, Muthoot Capital, Kansai Nerolac, Motherson Sumi etc. among others.
As much as 34 stocks on the BSE hit a fresh record high which includes names like Maruti Suzuki, P&G Hygiene, Atul, JK Agri, L&T Infotech, Muthoot Finance, Finolex Industries, Aarti Industries, BCL Industries, SKIL Infrastructure, ARC Finance etc. among others.
The Nifty crossed 9,500 for the first time. It hit a fresh record high of 9,514.70 and as much as 80 stocks on the NSE hit fresh 52-week highs.
With the market surging to fresh record highs frequently, IL&FS feels it could continue to rise even if valuations are expensive. “It is a blue sky scenario right now with low inflation rates and interest rates, among others. The market tends to go with the momentum in such cases,” Vibhav Kapoor of IL&FS told CNBC-TV18 in an interview.
In such a situation, Kapoor said that the financial services firm had increased its cash levels as stocks were becoming expensive. “It is becoming more difficult to buy with conviction, the risk reward ratio is reducing,” he told the channel.
Stocks which rose to fresh 52-week high include names like Maruti Suzuki, Bharat Bijlee, Sagar Cements, Max India, TVS Motor, Vaibhav Global, Caplin Point, Premier Explosives, IOC, Kansai Nerolac, Muthoot Capital, Motherson Sumi etc. among others.
The rally was broad-based as the S&P BSE Midcap hit a fresh record high of 15,089.42, led by gains in Indian Hotels, Shriram Transport, Adani Power, Bajaj Holdings, OFSS, Havells India, Bharat Forge, JSW Steel, and M&M Financial.Full coverage: Three years of Modi government