Lakshmi Finance & Industrial Corporation, Manpasand Beverages, Motilal Oswal Financial Services, MVL, Agarwal Industrial Corporation, Avanti Feeds, Archidply Industries, BLS International Services, Coromandel International, Dilip Buildcon, Eurotex Industries and Exports, Granules India, Gravita India, Hexaware Technologies, ICICI Bank, The Indian Hotels Company, Indosolar, Kalyani Steels, Manpasand Beverages, Mirza International, Mangalore Refinery and Petrochemicals, Nath Bio-Genes (India) and Shree Pushkar Chemicals & Fertilisers were among 49 stocks that hit their 52-week high on Thursday as stock markets ended lower. The BSE Sensex settled the day 223.98 points down at 30,434.79, while NSE Nifty declined from its all-time high to finish at 9,429.45, down 96.30 points.
On Thursday’s Nifty move, Sameet Chavan (equity technical analyst, Angel Broking) said, “Today, for the first time after March 22nd, markets opened lower with a decent margin and eventually ended with a sharp cut of nearly 100 points on Nifty. Clearly, this was a rub off effect from the US bourses as we saw key indices there plunged overnight on the back of some political concerns with respect to their president Donald Trump. Technically speaking, we would continue with the positive bias as long as Nifty manages to hold the important support of 9372.”
Sumeet Industries, Talbros Automotive Components, Teamlease Services, Uniphos Enterprises, Vardhman Holdings, Visaka Industries, Summit Securities, Wendt (India) Limited, KIOCL Limited, Indosolar, HB Stockholdings, Eimco Elecon (India), Gufic Biosciences, HB Stockholdings, Pidilite Industries, Sharda Cropchem, Talbros Automotive Components, Uniphos Enterprises were some of the other stocks that hit their 52-week high on NSE on Thursday.
However, ATN International Limited, Cigniti Technologies, Bhagyanagar India, Energy Development Company, Flexituff International, Glenmark Pharmaceuticals, Hindustan Dorr-Oliver, Inox Wind, Kaushalya Infrastructure Development Corporation, Lanco Infratech, Mahamaya Steel Industries, Mcnally Bharat Engineering Company, MT Educare and Nitin Fire Protection Industries were among 26 stocks that hit their 52-week low.
The brokerage House further added that it expects the index to reclaim the 9500 mark soon. It advises traders not to take aggressive positions in the market and be very selective while picking individual stocks as the stock specific damage seen today was quite threatening. Such kind of corrective days are evident now as markets have already rallied quite a lot and hence, one should not get too much worried of such developments in the market.