D-Street Buzz: Over 250 stocks hit new 52-week high on BSE; Prozone Intu, PNB Housing hit upper circuit


The Indian stock market was trading higher on May 31 led by metals and energy stocks. The Sensex was up 405.32 points or 0.79 percent at 51,8282.20, and the Nifty had added 111.5 points, or 0.72 percent, at 15547.20.

Among the sectors, the oil and gas space added over a percent led by heavyweight Reliance Industries, which jumped over 3 percent followed by GAIL India and ONGC.

Metal stocks were also shining with the top gainers being Jindal Steel & Power, JSW Steel, SAIL and Tata Steel which added 2 percent each followed by MOIL, Vedanta, NALCO and Hindalco Industries.

As many as 283 stocks hit a new 52-week high on BSE, including PNB Housing that spiked 20 percent after the board approved capital raising of up to Rs 4,000 crore. This was followed by Minda Industries, KIOCL, V-Guard Industries, Heidelberg Cement, LIC Housing Finance, Concor, Mindtree, Asian Paints and Colgate Palmolive among others.

The share price of Prozone Intu Properties also touched 52-week high of Rs 31.75 and was quoting at Rs 31.75, up Rs 2.85, or 9.86 percent. There were pending buy orders of 223,120 shares, with no sellers available.

The stock price surged over 47 percent in the last three days after ace investor Radhakishan Damani bought a 1.26 percent equity stake in Prozone Intu Properties in the quarter ended March.

As per the March quarter shareholding pattern, Damani acquired 19,25,000 equity shares in the company, which develops and manages regional shopping centres and associated mixed-use developments across India.

Big bull Rakesh Jhunjhunwala, who pared his holding in the company in 2018, continues to hold a 2.06 percent stake .

The other stocks that hit the upper circuit intraday on May 31 included PNB Housing Finance, McLeod Russel, Andhra Cements, V2 Retail, Kirloskar Industries, GTL Infra and Magma Fincorp among others.

According to a report by Way2Wealth Research, technically, the Nifty has moved in to fresh bullish zone, but it would essential for the index to hold above the previous levels of 15431 for one or two sessions for confirmation.

As per the pivot levels, upside resistances are now seen at 15,500 and then 15,620 levels and supports are placed at 15,350 then 15,290 levels, it said.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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