Market Update: Over 100 stocks hit fresh 52-week high on BSE; RIL, HUL, M&M top Nifty gainers
On the BSE Index, over 100 stocks hit fresh 52-week high including names like Bata India, TVS Motor Company, Dabur India, Deepak Fertilizers, Kolte Patil Developers and Chambal Fertilizers.
The Nifty50 Index traded above the 10,050 mark in the afternoon session gaining 69 points while the Sensex was up over 200 points. The midcap index was up 0.5 percent aided by stocks like Apollo Tyres, Jaiprakash Associates and Mcleod Russel. HDFC Bank and Axis Bank along with IndusInd Bank were the only stocks in the banking Index which were in the green.
Within the Nifty50 Index, Reliance Industries, Hindustan Unilever and Mahindra & Mahindra were some of the top gainers while Hindalco and Bharti Infratel were the most active. In the BSE, NBCC, Jindal Steel, Adani Transmission and NCC were some of the top gainers.
Britannia Industries, Thirumalai Chemicals and ICICI Lombard General Insurance Company were the few stocks that hit fresh 52-week high on the NSE. On the BSE Index, over 100 stocks hit fresh 52-week high including names like Bata India, TVS Motor Company, Dabur India, Deepak Fertilizers, Kolte Patil Developers and Chambal Fertilizers.
The market breadth was clearly in favour of the advances with 32 stocks advancing and 16 declining. In the BSE, 1616 advanced while 978 declined.
Technical Analyst, Ashwani Gujral of ashwanigujral.com recommends buying Hindustan Unilever (HUL) with a stop loss of Rs 1,225 and target of Rs 1,280 while Mitessh Thakkar of miteshthacker.com suggests buying Bharti Infratel with a stop loss at Rs 403.50 for target of Rs 428.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd