As many as 11 components of the 30-share pack Sensex hit their fresh 52-week high in intraday trade on September 1.
Those 11 stocks were Asian Paints, Axis Bank, Bajaj Finserv, Bajaj Finance, Bharti Airtel, Hindustan Unilever, ICICI Bank, Larsen & Toubro, TCS, Titan and UltraTech Cement.
Overall, more than 180 stocks from various sectors hit their 52-week high on BSE. Dabur, Divi’s Labs, DMart, Havells, IRCTC, Tata Consumer Products and Larsen & Toubro Infotech, too, featured among stocks that hit their 52-week highs.
The market extended its bullish run with the Sensex and the Nifty both hitting their fresh record high levels of 57,918.71 and 17,225.75, respectively, yeat again in morning trade.
The BSE Midcap index also hit its fresh record high of 24059.65. The smallcap index hit the intraday high of 27,117.67, about 200 points below is a record high of 27,323.18 that it hit on August 4.
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The market, however, cooled off after hitting a record high owing to profit-booking.
Analysts pointed out some momentum indicators are indicating Nifty is in overbought territory.
“Nifty is in strong bullish momentum but some of the momentum indicators are indicating an overbought territory and PCR is trading at 1.66 which is also a little overbought area that may cause some consolidation or profit booking at some point,” said Santosh Meena, Head of Research, Swastika Investmart.
“It is always advisable to remain with momentum until the market shows any sign of weakness because the market may remain overbought for some more time,” He said.
Meena is of the view that 17,300 is an immediate resistance level while 17,500 will be the next psychological hurdle. On the downside, 17,000 has become immediate and strong support where only a move below 17,000 can lead to some short weakness towards 16,700 level, he said.
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