As the domestic stock markets cheered the outcome of US Federal Reserve decision to leave rates unchanged, stocks of 74 companies, including Agarwal Industrial Corporation, Dishman Pharmaceuticals and Chemicals, Syngene International, Gujarat Narmada Valley Fertilizers and Chemicals, Orient Paper & Industries and Reliance Industries also rallied and touched fresh 52-week high on NSE on Thursday. Indian stock markets took cues from their global counterpart as the US Federal Reserve left rates unchanged. Sentiments also got a boost after the current account deficit (CAD) narrowed sharply to just $300 million of GDP in the June quarter following lower trade deficit on deeper import contraction. Sensex closed 265.71 points higher at 28,773.13, while NSE Nifty reclaimed the key 8,800-mark and settled at 8,867.45 points, up by 90.30 points.
Jayant Manglik, president, retail distribution, Religare Securities said, “Nifty gained nearly a per cent on Thursday, buoyant by the US Fed unchanged stance on interest rate. Initially, gap up was led by selective index majors mainly from the banking space, which joined by the others in the later half. Almost all the sectoral indices, barring IT and FMCG, contributed to the move and helped Nifty to sustain above 8,800. A sense of relief has returned after a phase of uncertainty but traders should maintain caution as we’re trading closer to the record highs.”
Among other companies that hit their fresh 52-week high on NSE were Welspun Investments and Commercials, Talbros Automotive Components, Sadbhav Infrastructure Project, Tata Communications, Talbros Automotive Components, The Ramco Cements, Murudeshwar Ceramics and Maruti Suzuki India.
However, TD Power Systems, Bil Energy Systems, Parenteral Drugs (India), Sab Events & Governance Now Media, Sanghvi Forging and Engineering, GlaxoSmithKline Pharmaceuticals, Larsen & Toubro Infotech and Mandhana Industries were among 23 stocks that hit fresh 52-week low on NSE on Thursday.