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  • 759 stocks hit 52-week highs, Sensex peaks

    Quote by Parag Parikh in Hindustan Times, June 7, 2014

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    Seven hundred and fifty nine shares hit their 52-week highs on Friday and the BSE Sensex and Nifty scaled new peaks as the arrival of the southwest monsoon, hopes of a gas price increase and global cues led to frenzied buying across counters by foreign institutional investors (FIIs) and domestic investors.

    The Sensex crossed the 25,400 mark for the first time, rising to an intra-day high of 25,419.14 before easing slightly to a new closing high of 25,396.46, up 376.95 points, or 1.51%.

    It had hit its previous intra-day high of 25,375.63 on May 16 and its previous record close of 25,019.51 on Thursday. In the five trading sessions this week, it has soared 4.89% or 1,179.12 points.

    The broader 50-share Nifty also ended at above 7,500 for the first time, closing 109.30 points, or 1.46%, higher at an all-time high close of 7,583.40. It had hit its previous all-time intra-day high of 7,563.50 on May 16.

    "The markets are encouraged by the beginning made by the Narendra Modi government. The bull run will continue but there will be periodic corrections. So, small investors should be careful," said Parag Parikh, chairman, Parag Parikh Financial Advisory Services.

    "The ECB stimulus and continued optimism on economic reforms in India led to big gains on the markets. The progress of the monsoon and the budget will be the next two important triggers (for the market)," said Dipen Shah, head, private client group research, Kotak Securities.

    FIIs, who bought shares worth Rs. 1,369 crore on Thursday, have pumped in about Rs. 50,000 crore in Indian stock markets so far this year.

    Tata Steel, NTPC, HPCL, SAIL, Axis Bank, BPCL, Reliance Power, Tata Power, DLF, Unitech and Voltas were among the shares that hit their 52-week highs.

    In the broader market, 2,143 scrips advanced, while 972 stocks declined and 79 remained unchanged. Nine of the 12 of the sectoral indices, among them realty, oil & gas and banking, led the surge.

    Among the 30 Sensex shares, 24 ended the day with gains. ONGC, GAIL, Hero Motocorp, Reliance Industries and HDFC were the top gainers. However, both the IT stocks on the Sensex fell. Erstwhile bellwether Infosys and its larger rival TCS were down 1.26% and 1.02%, respectively.

    The original article could be seen here.

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