Market Update: 115 stocks hit new 52-week high on NSE as midcap outperforms; Biocon jumps 4%
The Indian benchmark indices on Tuesday afternoon were trading on a negative note with the Nifty down 10 points or 0.1 percent while the Sensex slipped 47 points at 33677.
The midcap index continued to outperform led by Biocon which was up 4.7 percent while IGL, Jubilant Food, Mcleod Russel, NHPC, Siemens and Tat Global were some of the top gainers.
From the Nifty, the stocks that gained the most were IndusInd Bank was up 1.41 percent. Indiabulls Housing, UPL, Asian Paints and HDFC were the other top Nifty gainers.
The most active stocks were Larsen & Toubro, Axis Bank, ICICI Bank and IGL.
The top losers were NTPC, ONGC, Power Grid, BPCL and Aurobindo Pharma.
From the BSE, the stocks that gained the most included Religare Enterprises which zoomed close to 10 percent while Rallis India was up 6 percent. NCC, Videocon Industries and Indraprastha Gas were the other top gainers.
115 stocks hit new 52-week high on NSE including Automotive Axles, Axis Bank, Emami, IGL, HOEC, Maruti Suzuki, Jubilant Food, Mcleod Russel, PC Jeweller, Raymond, SRF, Tata Global Beverage, Zee Entertainment among others.
From the BSE, the stocks that hit fresh 52-week high were Yuken India, Jubilant Food, Fag Bearings, Minda Industries, 8K Miles Software, Zee Entertainment among others.
The market breadth was in favour of the advances on Tuesday afternoon with 962 stocks advancing as against 661 declines. On the other hand, 1382 stocks advanced and 1048 stocks declined on the BSE.
Research and broking firm Motilal Oswal has upgraded IGL to buy with a target price of Rs 404 per share and expects 13/11/11 percent volume growth in FY18/19/20.
Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on 8k Miles with a stop loss of Rs 935, target of Rs 980 and a buy on Axis Bank with a stop loss of Rs 554, target of Rs 580.