Biocon, Dewan Housing Finance Corporation, Indiabulls Housing Finance, Indraprastha Gas, LIC Housing Finance, Rallis India, Orient Cement and Tata Communications were among 59 stock that hit their fresh 52-week high on NSE on Friday despite stock markets closing lower. Domestic equity markets closed lower as investors eyed US Federal Reserve chief Janet Yellen’s speech tonight with expectations of some clue on interest rate trajectory. Sensex droppe 53.66 points to end at 27,782.25, while NSE Nifty slumped 19.65 points to 8,572.55.
Jayant Manglik, president, retail distribution, Religare Securities Ltd said, “Nifty traded under pressure on Friday as well and slipped marginally lower, tracking mixed cues. Though bias was initially positive, thanks to latest RBI’s announcements to boost fixed income and currency markets, but cautiousness ahead of speech of US Fed Chair not only capped the upside but also pushed the markets lower as session progressed. Needless to say, we’re still in consolidation and need a decisive trigger for the next directional move. Unfortunately, our recent domestic events have failed to provide that push so far and now all eyes are on the global markets. On index front, either side decisive break from prevailing range i.e. 8500-8700 in Nifty would set the tone ahead.”
Biocon shares gained and scaled new high after European Medicines Agency on Thursday accepted Biocon and US pharma company’s Mylan’s regulatory submission for proposed breast cancer drug, which could lead to approval of the drug and clearing its sales in Europe
Phillips Carbon Black, Malu Paper Mills, JB Chemicals & Pharmaceuticals, Balkrishna Industries, Future Lifestyle Fashions, Energy Development Company, Century Enka, CESC, Gujarat Ambuja Exports and Gruh Finance were among other stocks that hit their fresh 52-week high.
Dilip Buildcon, GlaxoSmithKline Pharmaceuticals, Transport Corporation of India, Welspun India, Wipro, Lypsa Gems & Jewellery, Blue Dart Express and Visesh Infotecnics were among other 16 stocks that hit their fresh 52-week low.