1. 3 years of Modi government: Nifty on a roll, 40 stocks hit 52-week high

3 years of Modi government: Nifty on a roll, 40 stocks hit 52-week high

Nifty ended the day at record 9,595.10, up 85.35 points, while Sensex zoomed 278.18 points to close at new peak of 31,028.21.

By: | Published: May 26, 2017 4:43 PM
Nifty ended the day at record 9,595.10, up 85.35 points, while Sensex zoomed 278.18 points to close at new peak of 31,028.21.

The NSE Nifty touched the 9,600 level for the first time on Friday. This coincided with the Narendra Modi government’s third year anniversary. The BSE Sensex also remained on a high throughout the day and crossed the 31,000 mark owing to sustained foreign capital inflows amid robust earnings. Nifty ended the day at record 9,595.10, up 85.35 points, while Sensex zoomed 278.18 points to close at new peak of 31,028.21.

“The continued MF and FII inflows in the Indian equities have taken the Indian equities to fresh highs. Coincidently this has come on the occasion of 3rd anniversary of the Modi government. This indicates that faith shown by investors in the government its policies has been rewarded so far. While global economy remains in good shape, at the current juncture, we believe that domestic factors life GST, affordable housing, etc. are weighing more than the global factors. We continued to believe that Indian markets are likely to do well going ahead owing to the strong monsoon, reforms, low interest rates and strong consumption trends, ” said Vaibhav Agrawal, head of research and ARQ, Angel Broking.

The Nifty has risen around 30 per cent since the NDA government came to power in May 2014.

Adani Transmission, Bharat Petroleum Corporation, CG Power and Industrial Solutionsm, Emmbi Industries, Godrej Industries, ICICI Bank, HDFC Bank, IndusInd Bank, ITC, JM Financial, JS Holdings, KEC International, Kesar Enterprises, Lakshmi Finance & Industrial Corporation, Maan Aluminium, Maruti Suzuki, Motherson Sumi Systems, Rajesh Exports, Renaissance Jewellery, The South Indian Bank, Star Paper Mills, Tata Steel, TVS Motor Company, Voltas, Weizmann Forex and West Coast Paper Mills were among 40 stocks that touched their 52-week high on Friday.

Stocks of ITC closed 6.05 points up at Rs 306.10 after it posted 12.13 per cent increase in standalone net profit to Rs 2,669.47 crore for the fourth quarter of 2016-17 as compared to Rs 2,380.68 crore for the January-March quarter of last fiscal.

On the other hand, Abbott India, ABG Shipyard, Chromatic India, DQ Entertainment (International), GlaxoSmithKline Pharmaceuticals, Hanung Toys and Textiles, Kaushalya Infrastructure Development Corporation, Khaitan Electricals, Lanco Infratech, Lupin, Mandhana Industries, Mcnally Bharat Engineering Company, Orbit Corporation, Rasoya Proteins, Servalakshmi Paper, Shilpi Cable Technologies, Shekhawati Poly-Yarn, Sun Pharmaceutical, Videocon Industries, Visagar Polytex and Videocon were among 40 stocks that hit their 52-week low on Friday.

According to Angel Broking, the Nifty rally was clearly propelled by the metal conglomerates that started shining back after a recent underperformance. This was supported by other heavyweight sectors, like, the Oil & Gas and Banking. Eventually, the Nifty recorded yet another historical close tad below the 9600 mark.

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