Ahluwalia Contracts (India), Amara Raja Batteries, Dewan Housing Finance Corporation, Entertainment Network (India), ITC, Page Industries, Kesoram Industries, Power Grid Corporation of India and UltraTech Cement were among 115 stocks that touched their fresh 52-week high on Tuesday as stock markets ended higher following buying auto and banking stocks amid firm global cues. Nifty crossed the 8,900 level for the first time since March 5, 2015 and Sensex rallied over 400 points to touch the 18-month high. Sensex soared 445.91 points to end at 28,978.02, while Nifty surged 133.35 points to close at 8,943.
Sensex and Nifty rallied following a firm trend in overseas market after the US job data released on Friday waned hopes of an interest rate hike by the US Fed this month. Supports for the markets also came in from India’s services sector growth that touched the highest level in over three-and-a-half years of 54.7 in August, from 51.9 in July.
Jayant Manglik, president, retail distribution, Religare Securities Ltd said,” Nifty made an exceptional start of the week as it gained nearly one and half per cent on Tuesday; thanks to firm global cues. The jubilation was mainly in reaction to weaker than expected US non-farm payroll data, which has subsided the fear of rate hike by the US Fed this month. Also, data of services sector growth touching the highest level in over three-and-a-half years added to the positivity. As a result, buying was witnessed across the board and our preferred sectors i.e. banking, auto and finance topped that list.”
Among other stocks that hit their fresh 52-week high were Tata Motors, Technocraft Industries (India), Yes Bank, Supreme Petrochem, State Bank of India and The Phoenix Mills.
MBL Infrastructures, Mindtree, Raj Rayon Industries, Hanung Toys and Textiles and Acropetal Technologies were among 27 stocks that hit their fresh 52-week low on NSE.