Do you know the major names that hit a new 52-week high on BSE? Read the article to know.
The Indian Stock market continues to trade on a positive note with Sensex hitting the 45,000 marks while Nifty hit fresh high. Sensex is up 298.30 points or 0.67% at 44930.95, and the Nifty up 84.90 points or 0.65% at 13218.80.
Among the sectors, Bank Nifty added a percent led by ICICI Bank which gained over 2 percent followed by RBL Bank, HDFC Bank, Axis Bank, IDFC First Bank and State Bank of India.
The repo rate remains unchanged at per cent and maintained an accommodative stance on December 4 as per the Reserve Bank of India's Monetary Policy Committee (MPC). The reverse repo rate remained unchanged at 3.35 per cent.
Jimeet Modi, Founder & CEO Samco Group said that the RBI maintained status quo in-line with street expectations and GDP numbers too have been revised upwards. Although increasing inflationary tendencies have been acknowledged, little seems to have been done to contain the price index. In Fact it is assumed that CPI will cool down to below 5 per cent in H1 of FY21-22.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: Status quo in policy rates and policy stance are on expected lines. The central bank has reiterated that it will use appropriate policy instruments to ensure ample liquidity to support growth.
Nifty Infra was also trading in the green led by Bharti Airtel which jumped 3 percent after the telecom major led mobile subscriber growth in September 2020 with a net addition of 3.77 million new customers. It was followed by Reliance Jio with net addition of 1.46 million.
UltraTech Cement was the top index gainer adding over 3 percent after broking houses maintained buy rating. CLSA maintained buy call and raised target to Rs 5,900 from Rs 5,600 per share. Macquarie has maintained outperform rating with target at Rs 5,362 while Nomura has reiterated buy with target Rs 6,100.
The top index losers included Reliance Industries, Bajaj Finserv and HCL Tech while HDFC, State Bank of India and Adani Power were the most active stocks.
Over 200 stocks hit new 52-week high on BSE including names like UltraTech Cement, Hindalco Industries, Bharat Forge, Adani Ports, Motherson Sumi Systems, Voltas, Titan Company, Tech Mahindra, Cadila Healthcare, Mahindra & Mahindra and Maruti Suzuki among others.