Moneycontrol
Sep 06, 2017 01:16 PM IST | Source: Moneycontrol.com

North Korea jitters hurt market sentiment, but over 80 stocks hit 52-week high

Despite weak market sentiment, 86 stocks touched 52-week high today, of which 34 stocks hit fresh record highs.

North Korea jitters hurt market sentiment, but over 80 stocks hit 52-week high

Moneycontrol News

The market has been volatile due to global geopolitical tensions caused after North Korea tested hydrogen bomb last Sunday and is expected to conduct another nuclear test on its foundation day this Saturday.

The market continues to be under pressure since opening though it recovered a bit from day's low on Wednesday. The Nifty50 tried to hold 9,900 amid the selling pressure.

Overall equity benchmarks have been rangebound and not seeing major selling due to these global factors. Experts believe the major reasons are support from domestic institutional investors and hopes of earnings and economic recovery from next calendar year onwards, though there has not been any major recovery in private capex and consumption demand.

According to them, geopolitical tension is a short-term pain for the market.

“Potential of the economy growing at 8-9 percent, inflation going down, other markets not giving good returns is all making the market ignore short-term pain. Plus, domestically, money is coming in from investors in terms of financial assets,” Vikas Khemani, President and CEO, Edelweiss Securities, said in an interview to CNBC-TV18.

Moreover, the market will remain solid on a sustainable path, with minor corrections, he added.

"We are in the middle of transformative phase and the GDP should be back to normalcy over the next couple of quarters," Khemani said.

Despite weak market sentiment, 86 stocks touched 52-week high today, of which 34 stocks hit fresh record highs.

Among the well known stocks, Avenue Supermarts, L&T Finance Holdings, Shankars Building Products, Indiabulls Housing Finance, Zuari etc hit all-time highs.

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JSW Steel, Bajaj Finance, DHFL, M&M Financial, Titan Company, Bharat Financial, Bombay Dyeing, Tata Global, Emkay, Container Corporation, Ambuja Cements, Tinplate etc continue to hit fresh 52-week high.
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