Thank God it’s Friday! Over 20 stocks at all-time highs as market stages late recovery
Asian Granito, ICICI Prudential Life, BASF India, Polson, Saibaba Investment, Tejas Networks, among others, are a few names to have made it to the list.
After days of bearish moves on the market, bulls managed to pull the momentum back in its favour in the past two days as the Street closed higher.
On Friday, the market had a choppy start, breaching 9500-mark, but final hours’ rally on index heavyweights pushed the indices up.
Having said that, experts fear disruption in the market due to the rollout of GST. Ajay Srivastava of Dimensions Corporate Financial Services believes that the market will be expecting a disruption in the economic activity. There are worries about the effects; there is a de-escalation in inventories of companies, he said.
“Very clearly, there is a challenge in the interim both on the administration and the company’s side,” Srivastava, CEO, Dimensions Corporate Financial Services told CNBC-TV18. It needs to be seen how authorities respond to various issues as well as the impact on banking sector. This could see further dislocation, he added.
The Nifty managed to close above its 50-day moving average (DMA) of 9474 and closed in the green for the second straight session after a 6-day fall.
“In keeping with the current sentiment, stock markets too chose to trade with caution and hugged the flat line for most of the day. The benchmark Sensex and the Nifty finally closed with marginal gains. FMCG and healthcare stocks witnessed significant buying interest today while interest rate sensitive stocks like banking, auto and financial services traded under pressure,” Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund said in a statement.
Having said that, over 20 stocks touched fresh all-time high marks. Some of them include, Asian Granito, ICICI Prudential Life, BASF India, Polson, Saibaba Investment, Tejas Networks, Kisan Mouldings, Gilada Finance Investments, and VST Industries, among others.