Moneycontrol
Aug 11, 2017 05:33 PM IST | Source: Moneycontrol.com

As markets see a correction, over 20 stocks hit fresh 52-week high

Companies such as Avadh Sugar, Gold Infra, Technofab, among others were the ones that made to the list.

As markets see a correction, over 20 stocks hit fresh 52-week high

Moneycontrol News

Dragged lower by weak global cues and corrective phase back here, the Indian market ended the session on a weaker note. The benchmark indices managed to end in the red for the fifth straight session.

The Sensex closed down 317.74 points at 31213.59, while the Nifty ended lower by 109.45 points at 9710.80. The market breadth was negative as 1,003 shares advanced against a decline of 1,525 shares, while 135 shares were unchanged.

Dr Reddy’s Labs, Tata Motors DVR and Aurobindo Pharma gained the most on both indices, while State Bank of India, M&M, Hindalco and Vedanta were the top losers.

Among these sectors too, there were about 20-odd companies who cheered the investors.

Companies such as Avadh Sugar, Gold Infra, Technofab, among others were the ones that made to the list.

However, going forward, experts do see a correction going forward.

“You can call it a transition phase…the Nifty could test the lower end of the target of 9,300,” Gautam Shah, Associate Director & Technical Analyst at JM Financial told CNBC-TV18 in an interview. He expects a correction of 5-10 percent from here as well.

Until now, the correction was in pockets and going forward, this could see some sort of an expansion, he added.

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