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Bulls roar on D-Street: 154 stocks hit fresh 52-week high on BSE

The S&P BSE Sensex rose over 200 points in trade on Friday but there was plenty of action in individual stocks as more than 150 stocks hit a fresh 52-weeks high on the BSE.

October 06, 2017 / 14:15 IST
     
     
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    The S&P BSE Sensex rallied over 300 points in just three trading session this week led by consistent buying by domestic institutional investors (DIIs) while foreign investors remain net sellers.

    The S&P BSE Sensex rose over 200 points in trade on Friday but there was plenty of action in individual stocks as more than 150 stocks hit a fresh 52-weeks high on the BSE.

    As many as 154 stocks hit a fresh 52-week high on BSE which include companies like KSE, Jubilant FoodWorks, Motilal Oswal Financial Services, Rajesh Exports, Bharat Forge, Cravatex, TIL, Petronet LNG etc. among others.

    As many as 65 out of 154 stocks hit a fresh record high which includes names like Oriental Carbon, HEG, Endurance Technologies, Phillips Carbon, Visaka Industries, Tata Chemicals, Creative Castings, Minda Corporation etc. among others.

    Leading the pack were stocks from metals, followed by materials, oil & gas, PSU, power, and consumer durable stocks.

    The S&P BSE Midcap index rose 137 points or 0.87 percent to 15,829. The rally in the index was led by gains in SAIL, Endurance Technologies, Muthoot Finance, Crompton Greaves, JSPL, Chola Finance etc. among others.

    The market picked up momentum in October series despite sketchy macros but analyst are confident that the structural Bull Run in markets still remains intact.

    The Reserve Bank of India (RBI) in its latest policy meet earlier this week highlighted concerns over a slowdown in the economy, rising inflation, as well as a slowdown in capital investment by India Inc.

    Investors will be better off reducing their weight in high beta names and including some defensive bets in their portfolio.

    “On the backdrop of a poor economic data and fundamental troublesome coupled with geopolitical concern, the Indian equity market witnessed a considerable correction in the second quarter after clocking at a higher level,” Dinesh Rohira, Founder & CEO, 5nance.com told Moneycontrol.

    “However, on valuation front, the market continued to trade at a higher level which is expected to vindicate the downturn in near-term. In the current market, it will be prudent to have an ideal mix of high beta, dividend stocks and then switch to defensive when the market loses the steam,” he said.

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    The Nifty reclaimed its crucial psychological resistance level of 9950 in trade and over 60 stocks hit a fresh 52-week high on the NSE.

    As many as 66 stocks hit a fresh 52-week high which includes names like Jubilant Foodworks, Bharat Financial Inclusion, Automotive Axle, Phillips Carbon, Gujarat Gas, Rajesh Exports, Dilip Buildcon, Lumax Auto etc. among others.

    first published: Oct 6, 2017 02:10 pm

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