Thank God it's Friday! As market ends flat, over 100 stocks hit fresh 52-week high
Apex Frozen Foods, Bajaj Electricals, Bajaj Finserv, Bombay Dyeing, Edelweiss, Emkay, East India Hotels, HDFC Bank, and Indiabulls Ventures, were a part of this list.
It was another day of consolidation for the market as equity benchmarks ended flat amid rising geopolitical tensions after North Korea launched another missile that flew over Japan.
The 30-share BSE Sensex was up 30.68 points at 32,272.61 and the 50-share NSE Nifty fell 1.20 points to 10,085.40.
The market managed to recover in last hour of trade as the Nifty clawed back above 10,100 level but failed to hold those gains.
The consolidation around this psychological 10,100 level indicated that the market may be preparing to cross previous record high of 10,137 (hit on August 2), experts said. The new high may be possible in second fortnight of this month, they feel.
"Global cues are currently dictating our market trend and it becomes difficult to trade in such scenario due to excessive volatility," Jayant Manglik, President, Retail Distribution, Religare Securities said.
He suggests preferring hedged positions and advises traders to stay with the performers like private banking, auto, metal and NBFC counters.
Nifty has support at 9950 now, he said.
"Continued FII selling and tightening monetary policies in US will curtail the easy liquidity, which is making investors cautious," Vinod Nair, Head of Research, Geojit Financial Services said.
In such a setup, there were over 100 stocks that cheered investors as they touched fresh 52-week high figures. Apex Frozen Foods, Bajaj Electricals, Bajaj Finserv, Bombay Dyeing, Edelweiss, Emkay, East India Hotels, HDFC Bank, Indiabulls Ventures, Manpasand Beverages, Redington India and TVS Motor were among the stocks in this list.
Having said that, there were around 45 stocks that clocked fresh all-time highs. Among them are Avenue Supermarts, Asian Tiles, Gujarat Alkalies, and Tirumalai Chemicals.