Moneycontrol
Jul 13, 2017 03:02 PM IST | Source: Moneycontrol.com

Bull run continues: As Sensex hits 32000, more than 140 stocks trade at 52-week highs

Not only largecap but lot of mid & smallcaps participated in the rally. More than 140 stocks hit 52-week highs today, including 58 stocks that touched all-time highs.

Bull run continues: As Sensex hits 32000, more than 140 stocks trade at 52-week highs

Sunil Shankar Matkar

Moneycontrol News

Bulls continued to keep their tight control over Dalal Street on Thursday as the market consistently hitting new record highs not only today but on the every passing day during the week.

The 30-share BSE Sensex crossed another milestone of 32,000 today, taking 34 sessions to cross that level from 31,000-mark. Even the Nifty was also approaching 9,900 level.

At 14.31 hours IST, the Sensex was up 243.03 points at 32,047.85 and the NSE Nifty gained 71.40 points at 9,887.50 after hitting intraday highs of 32,091.52 and 9,897.25, respectively.

Today's rally was driven by hopes of rate cut post lower retail inflation, positive global cues after US Federal Reserve Chairwoman Janet Yellen's comments and overcoming the fears of disruption due to introduction of GST.

The latest 1000-point rally in the Sensex was driven by Reliance, large pharma stocks, Bharti Airtel, ITC and Maruti. Unlike in the past, banks & IT stocks did not contribute meaningfully to the latest rise.

Deepak Jasani, Head – Retail Research at HDFC Securities feels the rise in the markets has been aided by the risk-on sentiments prevailing across the globe.

He said valuations look stretched going by historical parameters; but he feels some more upside is possible in the coming few weeks.

According to him, retail investors may avoid chasing stocks that are at steep valuations but keep hunting for opportunities in the small/midcap space where promoters show genuine interest in improving shareholder value by restructuring their businesses/companies, he advises.

Not only largecap but lot of mid & smallcaps participated in the rally. More than 140 stocks hit 52-week highs today, including 58 stocks that touched all-time highs.

Recently listed AU Small Finance Bank continued its rally, trading near Rs 700 level against issue price of Rs 358. The stock shot up 95 percent in four consecutive sessions since listing on Monday.

Housing & Urban Development Corporation (HUDCO), which listed in May, also continued to surge for fourth consecutive session, which gained more than 10 percent to move near triple digit mark.

Largecaps like IndusInd Bank, Maruti Suzuki India and Power Grid Corporation of India were trading at all-time highs today while Grasim Industries, ICICI Bank, Tata Steel and Hindustan Unilever traded at fresh 52-week highs.

Eris Lifesciences, Bharat Rasayan, Bodal Chemicals, Carborundum Universal, Dalmia Bharat, Garware Wall Ropes, GNA Axles, Dilip Buildcon, Future Consumer, Future Retail, L&T Finance Holdings, Mangalam Cement, Navin Fluorine, Shankara Building Products, Somany Ceramics and Uflex also touched new highs today.

Other well known names like Tata Global Beverage, Rico Auto, Goa Carbon, Marico, Bajaj Finance, Interglobe Aviation, NBCC (India), United Spirits, GRUH Finance, Aditya Birla Money, Jindal Steel & Power, PTC India, KEC International also hit fresh 52-week highs.

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